New COVID-19 federal relief and PPP loan forgiveness update
On December 27, President Donald Trump signed into law a supplemental appropriations bill that provides over $900 billion in additional COVID-19 relief, including $284 billion in added Paycheck Protection Program (PPP) funds for businesses and organizations needing an initial relief program loan or a second round of funding. Key aspects of the original PPP guidelines […]
More Changes to the Paycheck Protection Program
The Paycheck Protection Program Flexibility Act (PPPFA) signed by President Trump The PPPFA is a huge win for small businesses as it will ease many of the burdens placed on businesses that received PPP loans. Regardless of your political affiliation the bipartisan approval of the adjusted PPP loan forgiveness process gives us all hope that […]
Potential changes and extensions to the PPP
On Friday afternoon, Senators Marco Rubio (R-FL), Ben Cardin (D-MD), Susan Collins (R-ME) and Jeanne Shaheen (D-NH) agreed on legislation that would make changes to the PPP. Their bill would: The bill sponsors are attempting to “hotline” this proposal through the Senate, a procedure that allows for quick consideration of legislation. This could happen as […]
PPP loans were meant for small businesses, not big corporations
Treasury Secretary Steve Mnuchin expressed his disappointment or anger with large companies that applied for and were granted Payroll Protection Program (PPP) loans during a CNBC interview Tuesday morning. His comments came following numerous reports of larger companies and organizations being granted PPP loans. He did voice his appreciation for the PPP funds returned to […]
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 […]
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 […]
