On August 4, 2021, the Small Business Administration (SBA) opened a new portal to allow the smallest businesses and nonprofits to submit a Paycheck Protection Program (PPP) loan forgiveness application directly to SBA for amounts up to $150,000. Previously, all PPP...
New pandemic relief for small entities is arriving in three forms. First, the recent $1.9 trillion American Rescue Plan Act of 2021 (H.R. 1319) included more pandemic-related relief for small entities but did not extend the March 31st deadline to apply for a...
Congress passed and the President just signed into law the $1.9 trillion American Rescue Plan Act of 2021 (H.R. 1319) to provide additional support for Americans and our economy. Title V of this relief package contains an additional appropriation of $53.6 billion to...
Earlier this week, the Small Business Administration (SBA) issued a notice stating that from now until March 10, 2021, only those businesses and nonprofits with fewer than 20 employees will be allowed to submit an application to receive a loan under the...
On January 6, 2021, the Small Business Administration (SBA) released a rule to guide borrowers and lenders on how it will implement the second iteration of financial assistance to struggling small businesses and non-profits under the Paycheck Protection Program...
After a four-month hiatus, the Paycheck Protection Program (PPP) of the Small Business Administration (SBA) should soon reopen to accept new loan applications from eligible small businesses, non-profits, and associations but under modified conditions. This...
The Small Business Administration (SBA) released 24 Frequently Asked Questions (FAQs) consolidating answers about the loan forgiveness process for those who borrowed Paycheck Protection Program (PPP) funds. PPP LOAN FORGIVENESS FAQs The covered topics include details...
What to Do with All that Money Left in the PPP? Substantial PPP funds - some $138 billion – were unallocated as of the June 30th PPP loan application deadline. In a surprise move, Congress extended the time to apply for PPP loans until August 8th. Congress...
New Easier to Use PPP Loan Forgiveness Application The new easier form is designed for certain individuals, small businesses and non-profits to apply for PPP loan forgiveness as long as the borrower meets one of the following three criteria: (1) the borrower...
Congress Listened to PPP Loan Applicants and Recipients. After hearing numerous questions and concerns from small businesses and nonprofits regarding the implementation of the PPP, despite SBA and the Treasury Department administrative guidance, Congress knew a...
