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 […]
PPP will likely receive some needed tweaks
The much needed Payroll Protection Program (PPP) will likely be receiving much needed adjustments after a 417-1 vote in the House to do so yesterday. The legislation is expect to pass through the Senate in similar fashion. The main tweak to the loan program is to allow small businesses 24 weeks instead of 8 weeks […]
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: Extend the deadline to apply for a PPP loan from June 30, 2020, to December 31, 2020; Allow borrowers 16 weeks to use their loan […]
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 […]
More money for Texas small businesses!
Texas Governor Greg Abbott announced Monday that $50 Million of private, forgivable loans will be made to Texas small businesses that have been adversely impacted by the Coronavirus. These new loans will be issued primarily to avert Texas workers from being laid off or terminated. This new initiative is being offered through the SBA and […]
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 […]
Summary of the SMALL BUSINESS PAYCHECK PROTECTION PROGRAM
We have been getting a lot of questions about the payroll programs the Government is setting up. The Treasury Dept. made this quick one page summary to break down some of the questions and answers that employers have been seeking. The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of […]
