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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COVID Stimulus Replenishes PPP

Although there will be further guidance coming on the particulars of the latest COVID Stimulus bill from a regulatory standpoint, the legislation became law when the President signed the bill last week. Of primary import to small business owners, the law restores the tax deductibility of business expenses that were paid for with PPP loan…

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SBA Releases EIDL Details

The U.S. Small Business Administration (SBA), which managed the Economic Injury Disaster Loan Program (EIDL) as well as the Paycheck Protection Program (PPP) among other loan programs, released detailed information about both EIDL and PPP earlier this month in accordance with a court order. The programs, both of which were designated in early March to…

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SBA Must Release PPP Loan Recipients

A federal judge has given the Small Business Administration (SBA) until next Thursday, November 19, to release the names of all businesses that received loans under the Paycheck Protection Program. Washington DC-based U.S. District Court Judge James Boasberg ruled that borrower information – including the loan amounts from the Paycheck Protection Program (PPP) as well…

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CFA Webinar on COVID and PPP Loan Forgiveness

Next week on Thursday, November 19, DDIFO will host another exceptional and timely webinar sponsored by the Coalition of Franchisee Associations (CFA) from 2:00 – 3:00 PM EST. While the country recovers from the elections, the prospects of a virus vaccine are much improved, but the effects of COVID-19 continue to shut down franchises across…

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SBA Circulating “Loan Necessity” Questionnaires

The Small Business Association (SBA) last week began sending out a new questionnaire, the Paycheck Protection Program Loan Necessity Questionnaire (SBA Form 3509), to businesses that received PPP loans in excess of $2 million during the coronavirus pandemic. The agency is demanding new details about individual business operations in order to justify the aid and…

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Senate Democrats Block “Skinny” Relief Bill Again

The United States Senate again failed to muster enough votes to bring a COVID relief bill worth about $500 billion to the Senate floor for consideration. By a party line vote of 51-44, the “skinny” measure for the second time in five weeks, failed to get the 60 votes required to move it forward for…

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SBA Simplifies PPP Forgiveness

Notwithstanding whether or not Congress will pass as new relief bill and re-fund the Paycheck Protection Program as referenced above, the Small Business Administration (SBA) last week released a simpler loan forgiveness application and process for program (PPP) loans of $50,000 or less. In concert with the Department of the Treasury, the SBA said the…

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New Relief Bill Dead Until After Election

As has been widely reported, President Trump has called off further negotiations with the House over another round of COVID relief legislation coming out of Congress, pointing to the alleged intransigence of House leadership to negotiate in good faith. Consequently, with only 26 days until the Presidential election (but possibly months until a winner is…

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