SBA Exhausting PPP Funds

Although the Small Business Administration (SBA) is slated to continue taking applications for the popular Paycheck Protection Program until the end of this month, it appears the agency has exhausted its funds for most lenders.  The SBA acknowledged earlier this week that it was not accepting applications for new loans from most lenders – but…

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PPP and EIDL Loans Exempted

The Commonwealth of Massachusetts caught up with the federal government and many other states this past week when Governor Charlie Baker signed many parts of HB 90 into law. Of primary importance to small business owners, the legislation excludes proceeds from Paycheck Protection Program (PPP) loans along with Economic Injury Disaster Loan (EIDL) advances from…

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PPP Extended to May 31

President Biden signed the PPP Extension Act of 2021 into law this week and small businesses around the country now have an additional 60 days to apply for the SBA forgivable loan program.  Further, on top of the additional time allowed to apply, the law also gives the Small Business Administration (SBA) an additional 30…

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House Votes to Extend PPP

On Tuesday, the U.S. House of Representatives voted, by an overwhelming margin of 415 – 3, to approve a two-month extension of the Paycheck Protection Program (PPP).  The PPP is currently set to expire on March 31 but under the House-passed measure, the SBA would continue to accept and approve applications from businesses for the…

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Biden Signs COVID Bill into Law

  Earlier this week, the House of Representatives approved the Senate changes to the $1.9 trillion COVID relief bill and President Biden without any delays at all, signed it into law yesterday. Aside from the direct stimulus payments of $1400 to most Americans under certain income levels, the bill includes an additional $7.25 billion going…

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Is PPP in the Home Stretch or Due for Extension?

As the calendar takes us deeper into March, the current iteration of the Small Business Administration’s Paycheck Protection Program (PPP) is closer to its scheduled March 31 expiration – but reports of its death may be exaggerated as pressure is building nationally to extend the program. With the House passing the American Rescue Act of…

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SBA, Biden Announce Changes to PPP

This week, the White House and Small Business Administration (SBA) announced significant changes were being made to the parameters of the Paycheck Protection Program. The changes largely serve to make the program even more attractive to small businesses with an extra focus on those located in underserved and minority communities. Primary amongst the changes is…

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Wisconsin Amends Tax Law for PPP

An ongoing problem with the acceptance of Paycheck Protection Program loan forgiveness has been with the tax treatment by a business’ home state of the forgiven monies and the expenses the PPP funds have paid for. While the federal government addressed the issue with the passage if the most recent COVID relief bill in December,…

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SBA Rolling Out Fixes to PPP Round 2

Complaints from various industry groups about the roll-out of the second round of the Paycheck Protection Program may be finally yielding favorable results, as the Small Business Administration (SBA) announced this week it was loosening the reins on participating lending institutions. On Wednesday, in the hope of speeding up the process, the SBA said it…

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Paycheck Protection Program Reopens Tuesday

Last week, the Small Business Administration (SBA) and the US Department of the Treasury announced that the Paycheck Protection Program will reopen next Tuesday, January 19, 2021 to all lenders. The SBA this week began opening the program in phases so as to better reach underserved and minority-owned small businesses with community financial institutions, minority…

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