The Automotive Service Association (ASA) reported that the U.S. House of Representatives Small Business Committee held a hearing entitled “A Discussion with Small Business Administration (SBA) Administrator Isabella Casillas Guzman.” During the hearing, committee members discussed a variety of topics with Guzman, ranging from the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loans […]
Business Groups Applaud Senate Passage of the PPP Extension
Business groups are applauding the U.S. Senate’s passage yesterday of H.R. 1799, the PPP Extension Act of 2021 that extends the deadline to apply for a Paycheck Protection Program (PPP) loan beyond its March 31 deadline. Kevin Kuhlman, Vice President of Federal Government Relations for the National Federation of Independent Business (NFIB) said, “Small business […]
SBA to Prioritize PPP Loans to Employers with 20 or Fewer Employees for Two Weeks
The U.S. Small Business Administration announced it is taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses. The latest round of Paycheck Protection Program funding opened one month ago and already the Biden Administration has succeeded in making major improvements to the program’s implementation: For businesses with fewer […]
U.S. House Small Business Committee Holds Hearing on PPP
The Automotive Service Association (ASA) reported that the U.S. House Small Business Committee held a hearing entitled State of the Small Business Economy in the Era of COVID-19. During the hearing, lawmakers questioned four witnesses: Sharon Pinder, President and CEO of the Capital Region Minority Supplier Development Council, Stephen Shoaps, owner of Strother Cinema in […]
SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, All Lenders on Tuesday, January 19
Lenders with $1 Billion or less in assets will be able to submit first and second draw PPP applications on Friday – continuing dedicated access for Community-Based Lenders. The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion […]
SBA and Treasury Announce PPP Re-Opening
Applications for first PPP loan start today, second loan applications on January 13, The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, announced January 8 that the Paycheck Protection Program (PPP) will re-open this week for new borrowers and certain existing PPP borrowers. To promote access to capital, initially only community financial […]
Interview, Bob Redding, Automotive Service Association Washington Representative
Redding examines Federal legislation impacting the industry in the wake of the 2020 general election. Examines prospects for coronavirus relief and background of Right to Repair debate on vehicle data access. In the wake of the election day in early November, the automotive service and collision repair industries will see new legislative and regulatory changes […]
Treasury and IRS Issue Guidance Clarifying Deductibility of Expenses For Businesses that Received a PPP Loan
The U.S. Treasury Department and Internal Revenue Service (IRS) released guidance clarifying the tax treatment of expenses where a Paycheck Protection Program (PPP) loan has not been forgiven by the end of the year the loan was received. Since businesses are not taxed on the proceeds of a forgiven PPP loan, the expenses are not […]
SBA and Treasury Announce Simpler PPP Forgiveness for Loans of $50,000 or Less
New form allows eases documentation requirements for smallest businesses that received coronavirus support. The U.S. Small Business Administration, in consultation with the Treasury Department, on October 8 released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative […]
Pennsylvania Towing Company Owner Among More than Dozen Charged with Conspiring to Commit $24 Million PPP Loan Fraud
A Florida recording artist and a Pennsylvania towing company owner have been charged for their alleged participation in a scheme to file fraudulent loan applications seeking more than $24 million in forgivable Paycheck Protection Program (PPP) loans guaranteed by the Small Business Administration (SBA) under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Diamond […]