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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Fed Lowers Main Street Program Minimum Again

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…

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Ohio Readies Worker Compensation Rebates

Ohio Governor Mike DeWine announced this week that the state Bureau of Workers Compensation (BWC) is again preparing to send out worker compensation rebates to businesses across the state. In a press conference on Tuesday, DeWine reported that as much as $1.3 billion in rebates will be returned to Ohio businesses. The rebates, which are…

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Granting Small Business $urvival

In the face of the coronavirus pandemic, states and local communities are taking dramatically different approaches to helping small businesses recover from the shutdown and the general economic turmoil that the pandemic has yielded. In that vein, several have announced small business grant and loan programs in the past (New York, New Jersey, Massachusetts and…

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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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State Loan Programs

Aside from the loan and other financial components contained in the pending federal CARES Act, a number of states and cities are also looking to create and fund business loan programs to help get the economy back on track. Toward that end, 10 days ago the Florida Small Business Emergency Bridge Loan program was launched…

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Municipal Loan Recovery Programs

In addition to CARES Act funds and state loan programs, a number of municipalities around the country have also launched recovery loan fund programs of some sort. The City of Chicago topped the nation in funding when Mayor Lori Lightfoot announced the creation of the $100 million Chicago Small Business Resiliency Loan Fund recently. The…

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After Irma

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…

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