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…
Read More »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…
Read More »A recent guidance issued by the Internal Revenue Service and the US Treasury specifies that businesses may not deduct costs covered by Paycheck Protection Program loans if they expect their debt to ultimately be forgiven, a decision that stands to impact the 2020 tax filings of small business owners in particular. The recently released guidance…
Read More »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…
Read More »In the hope of making its Main Streets Lending Program more attractive – and more useful – to small businesses suffering through the coronavirus pandemic, the Federal Reserve has again changed the eligibility criteria. The new minimum loan size to participate in the program has been reduced to $100,000. Initially, the Main Street program was…
Read More »Despite reports of its demise until after the presidential election on November 3, Senate Majority Leader Mitch McConnell has scheduled a vote on another skinny $500 billion relief bill for next week. It would appear the upcoming vote on the $500 billion relief bill is an effort to force the democrat (Pelosi)-led US House to…
Read More »Last week we reported on the Senate blocking the so-called skinny bill, which would have provided some refunding the PPP and limited liability protection for businesses and health care providers along with some school funding. Well, despite some political rhetoric to the contrary, there is very little, if any, movement in Congress and it is…
Read More »On Monday, the U.S. General Accounting Office (GAO) completed and published its report to Congress on the initial government response to the COVID pandemic. The report reviews in detail the four coronavirus relief bills that have been enacted to the tune of $2.6 trillion at this point and delineates the specific obligations of the government…
Read More »As some states walk back their re-opening efforts, the National Restaurant Association has put forth a comprehensive plan for legislative and regulatory action to stabilize the restaurant industry and help re-establish its economic foundation. The “Blueprint for Restaurant Revival” calls for Congress to provide short-term relief for the restaurant industry in the form of a…
Read More »Those who have yet to access Paycheck Protection Program loans will have to act quickly as the program will stop accepting applications on Tuesday, June 30. Administered by the Small Business Administration (SBA), PPP was funded by Congress to the aggregate amount of $610 billion, but as of this writing there is still almost $100…
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