Congress moves closer to new stimulus relief package
A second stimulus check is officially back on the menu. After weeks of advancing a COVID-19 relief package without funding for an extra check, negotiators in Washington are shaping a new $900 billion coronavirus stimulus bill that is said to include a second stimulus check. Instead of another $1,200 payment, however, the bill will set a cap of $600 […]
Senate passes extension of application deadline for PPP small-business loans
On Tuesday, the Senate passed legislation that extends the deadline for businesses to apply for coronavirus aid under the Paycheck Protection Program (PPP), that was set to expire at the end of June. The bill, which passed by unanimous consent, moves the deadline for applying for PPP loans (which go to businesses with fewer than […]
$600 monthly unemployment bonus being debated
There’s an intense debate currently occurring on Capitol Hill regarding additional relief and/or stimulus benefits for small businesses. Both political parties seem to be in agreement that more aid is needed as a result of the Coronavirus pandemic; however what should be included in the next round of legislation is far from certain. One area […]
Where Loans for Small Businesses Are Going
An interesting article by the Wall Street Journal detailing who is getting the Small Business Loans, what industries, and how much they are getting. Authors – Anthony DeBarros and Yuka Hayashi April 15, 2020 Most of the federally guaranteed small business loans approved so far are for less than $350,000, with the construction industry the biggest beneficiary, according […]
Millions of Americans to receive relief funds this week!
According to the U.S. Treasury Department, by mid-week 10’s of millions of Americans will have received their CARES Act relief funds. The IRS started depositing the first wave of stimulus checks into American’s bank accounts on Saturday April 11th. Those initial deposits were being made to the bank accounts on file for those who filed […]
HOLD ON SMALL BUSINESSES. The Cavalry is on the way!
Today (Thursday April 9th) Federal Reserve Chairman Jerome Powell shared that the government has set up new loan programs and reinforced existing ones by approving $2.3 trillion in funding and lending support for businesses and the economy. Basically, the U.S. Treasury Department is providing much needed support by using the central bank’s powers to fight […]
PPP Loan Processing: David versus Goliath
Observations this morning from Larry Kudlow (Director of the U.S. National Economic Council) are that the smaller community and regional banks are outperforming the major banks thus far (including Wells Fargo, Bank of America and Chase Bank) in processing PPP loan submissions. In fact, we can report that our PEO clients that have utilized the […]
Anxious Americans await their relief checks
Individuals and families across the U.S. are eager to receive their CARES Act relief checks from the government, and while they wait, many are asking the same question— “how does the government know where to send my funds?” The Treasury Department is using rules for disbursing the relief funds to Americans based on standards established […]
More Updates with Questions and Answers for the CARES Act (Stimulus Package)
The COVID-19 crisis confronting all Americans and the world at large has created countless health and economic challenges for us all. The U.S. Federal Government’s response to this crisis has been unprecedented. The largest economic relief initiative in U.S. history, referred to as the CARES Act, includes financial relief programs for American citizens and businesses […]
Stimulus Update – What is the next phase & What is included the plan so far
It was a unanimous vote in the Senate Wednesday night to pass the “Keeping Workers Paid and Employed Act” which now moves to the House of Representatives. Most on Capitol Hill expect the Bill to make its way through the House sometime on Friday (March 27th). The Bill will help to prevent workers from losing […]
