Small Business

U.S. House May Consider PPP Reform Stand-alone Bill Congressman Dean Phillips (D-MN) and Congressman Chip Roy (R-TX) introduced H.R. 6886, the Paycheck Protection Flexibility Act. The bipartisan bill will make necessary changes to the Paycheck Protection Program (PPP) as business owners nationwide have expressed concerns with the program. The legislation will: Allow forgiveness for expenses…

U.S. Senate Committee Holds Remote Hearing on CARES Act   U.S. Senate Committee on Banking, Housing, and Urban Affairs convened a remote hearing today entitled “The Quarterly CARES Act Report to Congress.” In his opening statement U.S. Department of Treasury Secretary Steven Mnuchin stated that the Department has “worked closely with the[U.S.] Small Business Administration…

Department of Treasury and SBA Release Loan Forgiveness Application The U.S. Small Business Administration is working in conjunction with the U.S. Department of Treasury on the implementation of the Paycheck Protection Program (PPP). The PPP was established under H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, in response to the ongoing COVID-19…

SBA PPP Repayment Deadline May 18 In a interim rule, the U.S. Small Business Administration (SBA) provided that any borrower who applied for a PPP loan and repays the loan in full by May 14, 2020 will be deemed by SBA to have made the required certification concerning the necessity of the loan request in…

House Committee on Small Business Holds Online Forum The U.S. House Committee on Small Business held an online forum with Small Business Administration (SBA) lenders to discuss the Paycheck Protection Program (PPP) and future efforts. Throughout the online forum, similar sentiments were expressed from members of Congress and panelists praising the work done thus far…

Treasury Dept. Updates PPP FAQ Sheet The U.S. Small Business Administration is working in conjunction with the U.S. Department of Treasury on the implementation of the Paycheck Protection Program (PPP). The PPP was established under H.R. 748, the Coronavirus Aid, Relief, and Economic Security (CARES) Act, in response to the ongoing COVID-19 pandemic. The SBA…

House Democratic Leadership Releases COVID-19 Fourth Stimulus Package The U.S. House of Representatives Democratic leadership unveiled the COVID-19 fourth stimulus package. The House is expecting to vote on the package on Friday. The bill also makes changes to the Paycheck Protection Program (PPP), including expansions to the types of organizations that are eligible for the…

SBA Cuts EIDLs and Blocks New Applications The Washington Post reported that the U.S. Small Business Administration (SBA) is decreasing the loan limit for the Economic Injury Disaster Loan (EIDL) program from $2 million to $150,000 for small businesses and is blocking new applications due to the programs popularity. Congress recently replenished the EIDL program,…

Senator Cardin Sits Down to Discuss PPP Senator Ben Cardin (D-MD), the ranking democrat on the Senate Committee on Small Business and Entrepreneurship, joined Politico’s chief economic correspondent, Ben White, to discuss the Paycheck Protection Program (PPP). The COVID-19 pandemic has presented unprecedented challenges to Americans. Over the past few weeks, many small business owners…

IRS Issued PPP Guidance Creates Upset Amongst Lawmakers Last week the Internal Revenue Service (IRS) issued guidance on the Paycheck Protection Program (PPP) that would prevent businesses from deducting expenses like rent and wages that are covered with the loans from the PPP. The IRS interpretation is the opposite of how Congressional lawmakers intended it.…