Fed Lowers Main Street Program Minimum Again

In the hope of making its Main Streets Lending Program more attractive – and more useful – to small businesses suffering through the coronavirus pandemic, the Federal Reserve has again changed the eligibility criteria. The new minimum loan size to participate in the program has been reduced to $100,000. Initially, the Main Street program was…

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IRS Issues Guidance on Deferred Payroll Taxes

For employers who may have chosen to defer the withholding of the employee share of social security payroll taxes, there is a new guidance available. The Treasury Secretary was directed to authorize the deferral by a presidential memorandum issued by President Trump on August 8 and finalized the deferral of the employee share from September…

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No Movement on New COVID Relief Bill

Last week we reported on the Senate blocking the so-called skinny bill, which would have provided some refunding the PPP and limited liability protection for businesses and health care providers along with some school funding. Well, despite some political rhetoric to the contrary, there is very little, if any, movement in Congress and it is…

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Senate Files Latest Relief Bill

Earlier this week, Senate Republicans formally filed their long-awaited latest version of a “Phase 4” economic relief package, titled the “Health, Economic Assistance, Liability Protection and Schools (HEALS) Act”. The bill contains many of the key legislative priorities that we were working to include, but much work is still needed and there will be lengthy…

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Missouri Cuts, Colorado Hikes Stimulus Tax Issues

The states of Missouri and Colorado this week took very different actions relative to the impact of federal stimulus payments for the coronavirus pandemic will have on the state’s taxpayers. In the Show Me State, republican Governor Mike Parson signed a bipartisan tax bill that excludes stimulus payments authorized by the CARES Act from being…

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What’s A Quarter-Trillion or So between Friends?

Fiscal conservatives are bracing themselves again in Congress with the US House posturing to bring forward another coronavirus relief bill to the tune of an additional $2 trillion or more. House Speaker Nancy Pelosi told reporters yesterday that she was confident Congress would pass what she called “a strong bill”, saying “$1 trillion doesn’t do…

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SBA Reopens EIDL Program

In other equally important SBA news, the agency this week also announced the reopening of the Economic Injury Disaster Loan (EIDL) program to all small businesses. The popular program, to which Congress had appropriated an additional $50 billion and expanded EIDL eligibility through the CARES Act earlier this year, was quickly overwhelmed and shut down…

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Federal Reserve Readies Launch of Main Street Lending

Although it initially announced the program back in early April, the Fed is still preparing for an official launch of its Main Street Lending Program, through which it will purchase some $600 billion in loans from eligible lenders. The program funds come from the Coronavirus Aid and Economic Security Act (CARES Act), signed into law…

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CBO Reports on Bonus Unemployment Benefit

One provision of the aforementioned CARES Act that struck me as counterintuitive to expediting the economic recovery from the impact of the coronavirus pandemic was the payment of an additional $600 weekly to the unemployed. Although the additional funds are not authorized beyond July 31, 2020, some in the House of Representatives want to extend…

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EIDL Funding Restricted

As more business interests look to survive the unprecedented challenges of the coronavirus pandemic, funds for government assistance and business loan programs have rapidly been stretched to their limits. Just this week, the SBA dramatically restricted access and financing limits when it reopened the Economic Injury Disaster Loan program (EIDL). The program, which previously offered…

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