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 […]
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 […]
House Approves Additional $320 Billion for Small Business Paycheck Protection Program
The U.S. House of Representatives yesterday approved additional funding for the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) portion of the CARES Act that provides low interest loans for small businesses that can be forgiven if the business uses 75% of the funds for payroll. The House vote follows the passage in the […]
U.S. Senate Approves Additional $320 Billion for Small Business Paycheck Protection Program
Passage in U.S. House expected tomorrow. The U.S. Senate yesterday approved additional funding for the U.S. Small Business Administration (SBA) Paycheck Protection Program (PPP) portion of the CARES Act that provides low interest loans for small businesses that can be forgiven if the business uses 75% of the funds for payroll. Congressional Democrats held up […]
Treasury Secretary Says Paycheck Protection Program Will Have Funds to Support All Eligible Small Businesses
In a television interview today, Mnuchin assures small businesses that program will not run out of money and all eligible businesses will be funded. U.S. Treasury Secretary Steven Mnuchin today sought to assure small business operators in a television interview that the SBA Paycheck Protection Loan program for small businesses will have all necessary funding […]