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 […]
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 […]
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 […]
