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 […]
$349 Billion Small Business Paycheck Protection Program Applications Open Today
Following President Trump’s signing of the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin announced that the SBA and Treasury Department have initiated a mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The […]