Upon President Biden signing the American Rescue Plan Act of 2021 into law, the U.S. Small Business Administration’s Senior Advisor Michael Roth stated, “The American Rescue Plan Act enables the SBA to continue to lift up the cornerstones of our communities; the mom-and-pop businesses and nonprofits that provide essential services for our everyday lives, hire […]
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 […]
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 […]
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 […]
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, […]
SBA Economic Injury Disaster Loans and Advance Program Reopened
To further meet the needs of U.S. small businesses and non-profits, the U.S. Small Business Administration reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. “The SBA is strongly committed to working around the clock, providing dedicated emergency assistance to the small […]
Busy Atlantic Hurricane Season Predicted
NOAA forecast says multiple climate factors indicate above-normal activity is most likely. An above-normal 2020 Atlantic hurricane season is expected, according to forecasters with NOAA’s Climate Prediction Center, a division of the National Weather Service. The outlook predicts a 60% chance of an above-normal season, a 30% chance of a near-normal season and only a […]
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 […]