The U.S. Small Business Administration (SBA) announced yesterday that the application portal for the agency’s Restaurant Revitalization Fund (RRF) would close at 8:00 PM next Monday, May 24. Notwithstanding that the RRF was funded with almost $29 billion and was thought to be a big benefit for the entire restaurant industry, the program has exhausted…
Read More »Perhaps its other programs have been overshadowed by the popularity of the Paycheck Protection Program and the Economic Injury Disaster Loans program, but the Small Business Administration is now offering an expanded menu of help for small businesses. When Congress approved an additional $284 billion for PPP loans in December, it also expanded the benefits…
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 »As more business interests look to survive the unprecedented challenges of the coronavirus pandemic, funds for government assistance and business loan programs have rapidly been stretched to their limits. Just this week, the SBA dramatically restricted access and financing limits when it reopened the Economic Injury Disaster Loan program (EIDL). The program, which previously offered…
Read More »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…
Read More »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…
Read More »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…
Read More »The ranking minority member on the U.S. Senate Small Business Committee, Senator Catherine Cortez Masto (D-NV) filed legislation last week to protect entrepreneurs who are considering purchasing a franchise. The SBA Franchise Loan Transparency Act of 2019 (SB 2383) would require that before a lender could make a government-backed loan to a franchise, the franchisee…
Read More »In the wake of the devastation wrought by Hurricane Irma in many parts of the state of Florida, we noted the Florida Governor Rick Scott last week launched an interest-free bridge loan program for Florida businesses in the 67 counties affected by the massive storm. The program, which will be run by the Florida Department…
Read More »Notwithstanding almost $3 trillion in tax increases, an increase in the federal deficit of $178 billion and extensive new programs to stop ‘climate change’, one bright spot in the $4.1 trillion budget the Obama administration submitted to Congress earlier this week is the increased funding he’s proposed for the Small Business Administration’s (SBA) successful flagship…
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