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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SBA Rolling Out Fixes to PPP Round 2

Complaints from various industry groups about the roll-out of the second round of the Paycheck Protection Program may be finally yielding favorable results, as the Small Business Administration (SBA) announced this week it was loosening the reins on participating lending institutions. On Wednesday, in the hope of speeding up the process, the SBA said it…

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SBA Launches Targeted EIDL Program

The US Small Business Administration (SBA) this week officially relaunched the Economic Injury Disaster Loan program (EIDL) under its new name: Targeted EIDL Advance. Part of the initial CARES Act in 2020, the program quickly exhausted its funding, but was replenished back in December with an infusion of additional funds along with more targeted eligibility…

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Paycheck Protection Program Reopens Tuesday

Last week, the Small Business Administration (SBA) and the US Department of the Treasury announced that the Paycheck Protection Program will reopen next Tuesday, January 19, 2021 to all lenders. The SBA this week began opening the program in phases so as to better reach underserved and minority-owned small businesses with community financial institutions, minority…

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SBA Extends EIDL Program

Back a week before Christmas, the Small Business Administration (SBA) announced that the deadline to apply for a COVID-19 pandemic Economic Injury Disaster Loan has been extended to December 31, 2021. To date, SBA has approved $197 billion in low-interest loans, which provide U.S. small businesses, non-profits, and agricultural businesses working capital funds. Economic Injury…

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SBA Must Release PPP Loan Recipients

A federal judge has given the Small Business Administration (SBA) until next Thursday, November 19, to release the names of all businesses that received loans under the Paycheck Protection Program. Washington DC-based U.S. District Court Judge James Boasberg ruled that borrower information – including the loan amounts from the Paycheck Protection Program (PPP) as well…

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