SBA Launches PPP Forgiveness Portal

The U.S. Small Business Administration (SBA) this week officially launched its new streamlined Paycheck Protection Program loan forgiveness portal, for loan recipients of $150,000 or less in 2nd draw PPP funding. The program will open to the broader general public on Wednesday of this week, August 4. Although at the present time, the forgiveness portal…

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Billions Remain in EIDL Program

Notwithstanding the end of the Paycheck Protection Program and the launch of the forgiveness portal as detailed above, the U.S. Small Business Administration (SBA) still has more than $27 billion left in its Targeted Economic Injury Disaster Loan Advance (EIDL) grant program months after the program launched. Notwithstanding the availability of billions more in funding,…

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New York Heroes Act Trigger Date

New York put the HEROES Act on the books back in May of this year, but the new law has a number of different triggers that employers in the Empire State should be aware of. The first of those comes next Thursday, August 5, 2021, when employers are required to adopt a worker health and…

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ENTRÉE Act Filed in Congress

With the Restaurant Revitalization Fund (RRF) completely out of funds and shut down for the last month – and against the backdrop of trillions of dollars being proposed for infrastructure and progressive legislative priorities – another bill to replenish the RRF was filed again this week. The Entrepreneurs Need Timely Replenishment for Eating Establishments Act…

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New York State Picking Up the Slack

While the Restaurant Revitalization Fund (RRF) languishes in Washington DC, the state of New York is moving forward with its own small business grant program and this week began making payouts to approved applicants. The New York COVID-19 Pandemic Small Business Recovery Grant Program actually launched over a month ago and has received over 50,000…

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A Post-Mortem on the RRF

So, earlier in this issue, we talked about the Restaurant Revitalization Fund being closed and out of funds. Seems like a post-mortem on the program might be an interesting exercise? Well, it turns out that Subway franchisees were the biggest recipients – in fact, of the 272,000 applications submitted, almost 2,900 Subway restaurants received funding…

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Court Enjoins ARPA Tax Cut Prohibition

A federal district court in Ohio has issued a permanent injunction against a provision in the American Rescue Plan Act (ARPA) prohibiting states from using ARPA funds to offset state tax cuts. The provision provided that no states, territories or local communities that accepted funds from the American Rescue Plan Act (approximately $350 billion total…

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Fighting Over Unemployment Premium

As the labor shortage continues to wreak havoc with small businesses across the country, the issue is being fought out in a host of different venues. First off, there are the many states that have announced (or already) that they are suspending or ceasing the extra bonus payments as we’ve reported in prior issues. That…

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SBA Closes RRF

Rife with problems from the get-go, the Restaurant Revitalization Fund (RRF) was closed to new applications yesterday by the US Small Business Administration (SBA), but the application portal will remain open for another two weeks to allow applicants to check their status. With its creation as an integral part of the American Rescue Plan –…

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Business Outlook and Concerns

Small business owners, some of whom are just getting their business back on its feet, are a bit more optimistic about the future while at the same time, equally concerned about inflation and increasing operating costs. A Job Creators Network Foundation poll, the June Monthly Monitor, released last week showed that only 9% reported recovering…

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