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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“Retain Cash” Webinar Today

As a reminder, the DDIFO webinar entitled “Retaining Cash – New Tax Laws Help!” will be held today at 12:00 Noon, so you still have time to register to attend. This one-hour program  will feature Jeff Hiatt and Dave Fabian from MS Consultants, LLC providing important updates and insights into keeping more of your cash…

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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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Congress Eyes Next Round of Relief

Notwithstanding the partisan divide that continues in the Nation’s Capital, Congress is looking at possibly passing another multi-billion to trillion dollar economic relief package when the House returns to DC next week. Republicans and Democrats are divided over what to include, but they have each been floating different ideas that we want to keep watch…

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Dueling Senate Objections Block Additional PPP Funds

Democrats and Republicans in the US Senate each blocked proposals from “across the aisle” yesterday in the latest political standoff in DC. Senate Majority Leader Mitch McConnell moved to pass legislation to add an additional $250 Billion to the Paycheck Protection Program (PPP) on top of the original $349 Billion appropriated for the program approved…

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Paycheck Protection Program Begins Today

One of the more significant benefits for small business interests contained in the recently enacted Coronavirus Aid, Relief and Economic Security (CARES) Act, the Paycheck Protection Loan Program (PPP) officially began its application process today, and late last evening, the Small Business Administration released its Interim Final Rule for the program. It would appear that…

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Senate OKs “CARES” Act, House Votes Today

The US Senate yesterday finally passed the $2 trillion “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) by a rare bipartisan and unanimous vote, but the unprecedented stimulus bill faces some challenges in the US House. House Speaker Nancy Pelosi originally had hoped to pass the legislation by unanimous consent (avoiding recalling the House…

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“CARES” Act Summaries

We want to emphasize that any analysis of the pending $2 trillion “Coronavirus Aid, Relief and Economic Security Act” (CARES Act) that you may read – whether provided by DDIFO or any other organization is NOT YET FINAL, as the legislation is still pending in Congress. That said, we have a preliminary summary from the…

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