The Automotive Service Association (ASA) reports that the U.S. House of Representatives Committee on Small Business Subcommittees held two back-to-back hearings on the Paycheck Protection Program (PPP) entitled “Paycheck Protection Program: An Examination on Loan Forgiveness, SBA Legacy Systems, and Inaccurate Data” and “A Review of PPP Forgiveness” According to PPP loan data released by […]
Collision Repair Industry Production Down Over 20% Compared to 2019 to Over 20 Year Low in April Due to Pandemic
Employment down over 36,000 or nearly 15%. Preliminary results for May showed significant improvement, but there is still a long way to go to get to pre-pandemic production levels. An analysis of the latest data released from the U.S. Department of Labor Bureau of Labor Statistics (BLS) covering final April and preliminary May employment, hours […]
Paycheck Protection Program Extended Through August 8
President Trump signs legislation extending the deadline for businesses to apply for a forgivable loan until August 8. Approximately $130 Billion remains in program. Small-business owners now have until August 8 to apply for forgivable loans under the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP). The Small Business Administration is expected to restart […]
San Francisco Area Collision Repair Shop Operator Charged with Wire Fraud
Government alleges defendant orchestrated kickback scheme and lied to secure PPP loan. Geoffrey M. Palermo, owner of GMP Cars, was charged in a criminal complaint with wire fraud and making false statements in a loan application in connection with multiple schemes to defraud from 2013 to 2020. According to the complaint, Palermo, 56, of Novato, […]
New EZ and Revised Full Forgiveness Applications for the Paycheck Protection Program
SBA and Treasury adds simplified forgiveness form in response to concerns that its original forgiveness application was overly burdensome for small businesses. Today, the U.S. Small Business Administration (SBA), in consultation with the Department of the Treasury, posted a revised, borrower-friendly Paycheck Protection Program (PPP) loan forgiveness application implementing the PPP Flexibility Act of 2020, […]
President Trump Signs PPP Flexibility Act
Law provides additional flexibility for employers to get their loans forgiven. On Friday, President Trump signed legislation to increase the flexibility for employers to use funds issued under the Paycheck Protection Program (PPP) and have those loans forgiven. Key provisions of the law extend the time allotted for PPP loan recipients to spend the funds […]
U.S. Senate Passes House Bill to Revise Paycheck Protection Program
Legislation that provides additional flexibility for employers to get their loans forgiven goes to White House for President Trump’s signature. The U.S. Senate passed the House version of Paycheck Protection Program (PPP) legislation yesterday, extending the time allotted for PPP loan recipients to spend the funds and still qualify for forgiveness of the loans from […]
SBA and Treasury Department Release Paycheck Protection Program Loan Forgiveness Application
On Friday, the Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act […]
NFIB Urges SBA to Make Changes in PPP Loan Program to Benefit Small Businesses
The National Federation of Independent Business (NFIB) made several recommendations to the United States Small Business Administration and United States Department of the Treasury to ensure that the Payment Protection Program (PPP) loans work as Congress intended for small businesses. In a letter to the Treasury Department and the Small Business Association this week, NFIB […]
Paycheck Protection Program Re-Opened Yesterday
The Small Business Administration (SBA) yesterday began accepting new loan applications under its Paycheck Protection Program (PPP) after additional funding was approved by the U.S. Congress last week. In a joint statement, U.S. Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza, said, ““The PPP has supported more than 1.66 million small businesses and […]