SBA Exhausting PPP Funds

Although the Small Business Administration (SBA) is slated to continue taking applications for the popular Paycheck Protection Program until the end of this month, it appears the agency has exhausted its funds for most lenders.  The SBA acknowledged earlier this week that it was not accepting applications for new loans from most lenders – but…

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Restaurant Revitalization Opens May 3

The Small Business Administration (SBA) announced early this week that the $28.6 billion Restaurant Revitalization Fund (RRF) would officially open next Monday, May 3 at 12:00 Noon EDT, but restaurant owners and operators will be able to register for the program through the dedicated SBA RRF portal beginning at 9:00 EDT today, Friday, April 30.…

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SBA May Reconsider EIDL Rejections

The Small Business Administration (SBA) has opened up a new way for small-business owners to push back against a denial of their application for a Targeted Economic Injury Disaster Loan (EIDL) Advance cash grant. The agency last week announced a process by which rejected applicants can petition for reconsideration of funding. To formally request a…

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PPP Extended to May 31

President Biden signed the PPP Extension Act of 2021 into law this week and small businesses around the country now have an additional 60 days to apply for the SBA forgivable loan program.  Further, on top of the additional time allowed to apply, the law also gives the Small Business Administration (SBA) an additional 30…

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SBA Triples Disaster Loan Limits

The Small Business Administration (SBA) is increasing the maximum loan amounts under its Economic Injury Disaster Loans program (EIDL) effective April 6. In addition, the increase may also include some level of retroactivity. The EIDL, which was capped last year at six months’ worth of economic injury up to $150,000 maximum, will now be extended…

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Biden Posts Filling Up

The United States Senate confirmed several more nominees of President Biden to a host of important federal posts. First and foremost, amongst the recent confirmations was new Labor Secretary Marty Walsh, who formerly served as Mayor of Boston for the past 7 years. Confirmed on a Senate vote of 68-29, Walsh will now oversee the…

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House Votes to Extend PPP

On Tuesday, the U.S. House of Representatives voted, by an overwhelming margin of 415 – 3, to approve a two-month extension of the Paycheck Protection Program (PPP).  The PPP is currently set to expire on March 31 but under the House-passed measure, the SBA would continue to accept and approve applications from businesses for the…

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Is PPP in the Home Stretch or Due for Extension?

As the calendar takes us deeper into March, the current iteration of the Small Business Administration’s Paycheck Protection Program (PPP) is closer to its scheduled March 31 expiration – but reports of its death may be exaggerated as pressure is building nationally to extend the program. With the House passing the American Rescue Act of…

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SBA, Biden Announce Changes to PPP

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…

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SBA Expands Its Menu of Assistance

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…

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