Congress Replenishes PPP Fund

The US House gave final legislative approval to a bill refunding of the Paycheck Protection Program yesterday with an additional $310 billion and sent the bill to the President Trump, who has already signed it into law. The law immediately provides additional funding to the PPP for forgivable loans to small businesses and with that…

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SBA Clarifies PPP Eligibility

In response to some of the larger well capitalized “small businesses” (such as Shake Shack, Ruths Chris and others) having received PPP loans in the first round, the Small Business Administration (SBA) yesterday updated its FAQ on the loan program to make it clear that the funds are meant for small businesses and not for…

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PPP Officially Out of Money

The Paycheck Protection Program (PPP) has officially run out of money as of late Wednesday evening with the entire appropriation of $349 billion having been allocated to small businesses across the country. The Small Business Administration (SBA), which was charged with the administration of the forgivable loan program as part of the massive $2.2 trillion…

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There’s Still An Action Alert on PPP Funding

Notwithstanding the current stand-off in Congress, efforts are still underway in the US Senate to appropriate additional funds for the critical Paycheck Protection Program. As we reported last week, the Coalition of Franchisee Associations (CFA) was asking all franchisees to contact Congress to urge the appropriation of additional funds for this program. This week, that…

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Action Alert on PPP

In light of the Senate failure to pass additional funds as detailed above, the House is now working on its own version of legislation to amend the CARES Act and expand the PPP, but party politics will continue to play a role and we need your help to make sure franchisees are protected. The Coalition…

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Treasury Releases New Guidance and Q&As on PPP

Speaking of the Paycheck Protection Program, the Small Business Administration (SBA) released a new version of the Q & A guidance on the program on Wednesday of this week. The SBA, in consultation with the US Department of Treasury have made a number of refinements to the program since it passed Congress last week and…

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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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