House Passes Relief Bill, Excludes Franchises

Late yesterday, by a highly partisan vote of 214 – 207, House Democrats approved a revised, $2.2 trillion HEROES Act that included $120 billion in direct assistance to independent restaurants, food trucks and bars but specifically excluded franchises! This version is the first that includes the $120 billion proposed by the Independent Restaurant Coalition in…

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CFA Call to Action

Whether it’s the “Problem Solver Compromise” or some other legislative relief, let’s capitalize on the dwindling days of 2020. With less than four weeks of legislative days left on the 2020 calendar, Congress has little time to pass a stimulus package to help franchisees during this critical time. It is time to end partisan politics!…

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Senate Blocks “Skinny Bill”

Senate democrats voted as one yesterday to block the latest coronavirus relief bill put forth by Senate leadership. All 47 democrat Senators voted against advancing the coronavirus relief bill while 52 of 53 republican senators voted to advance the legislation (Kentucky Senator Rand Paul was the lone republican in opposition). Under Senate rules, 60 votes…

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PPP Payroll Period Will Soon Expire

Absent further action by Congress to extend a further financial lifeline to small businesses, the period in which employers are required to maintain payroll as a condition of Paycheck Protection Program (PPP) loan forgiveness is coming to a close (24-weeks since first receiving a payment). Unfortunately, businesses that have reopened, but are not yet financially…

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Paycheck Protection Program Expired

One of the bigger issues surrounding the failure of Congress to reach agreement on a new coronavirus relief package is the end of the Paycheck Protection Program (PPP). The loan program, which originally was scheduled to expire back in June, was extended until August 8 by Congress at the end of June. It was anticipated…

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SBA Releases New FAQ on Loan Forgiveness

Speaking of the Paycheck Protection Program, in conjunction with the Department of the Treasury, the Small Business Administration (SBA) this week released an updated Frequently Asked Questions (FAQ) guidance for businesses seeking forgiveness of their PPP loans. The FAQ provides plain language direction regarding such items as: payment requirements where a borrower submits a loan…

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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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SBA Releases PPP Loan Information

The US Small Business Administration (SBA) this week released the list of recipients of Paycheck Protection Program loans made across the country. The release was delineated by the size of the loan granted to a business. For loans above $150,000, the information includes the borrowing entity name and address as well as the number of…

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Another Bite of the aPPPle

Both branches of Congress this week passed emergency legislation extending the application deadline for the Paycheck Protection Program for another month plus. In a surprise move, the republican-led Senate initiated the extension when it passed a bill on Tuesday night postponing the June 30 deadline an additional five weeks until August 8. That move was…

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PPP: Remember to Keep Your Supporting Documentation

The rules related to obtaining a Paycheck Protection Program (PPP) loan and receiving forgiveness of that loan are changing constantly. As a result, it is likely that by the time this article is published in July, the rules and guidance will have changed significantly. With that in mind, rather than attempt to guess what the…

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