PPP Application Period Extended and Loan Recipient Data Released

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The application window has been extended until August 8, 2020, for loans from the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief and Economic Security (CARES) Act. Following the original application deadline of June 30, 2020, the SBA summary report showed that nearly $132 billion in funding was still available. The President approved the extension […]

PA Small Business Grant Program Accepting Applications

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Pennsylvania’s COVID-19 Relief Statewide Small Business Assistance program is now accepting applications. The first round of applications opened on June 30, 2020, and will be open for 10 business days. Multiple rounds of application windows will follow. Small businesses can find eligibility details and apply online at: https://pabusinessgrants.com/ Eligible businesses can use the grants to […]

New SBA Interim Final Rule Offers Further Guidance on PPP Loan Forgiveness

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As noted in an prior post, the Small Business Administration, (SBA), in consultation with the Treasury, recently issued further guidance on the Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief and Economic Security (CARES) Act. The guidance was released in a new Interim Final Rule issued by the SBA and Treasury on June 22,2020. That […]

SBA and Treasury Issue Final PPP Guidance

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Long-awaited guidance on the Paycheck Protection Program (PPP), Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule, was issued on June 22, 2020, by the Small Business Administration (SBA) in consultation with the Department of the Treasury. The release is 34 pages in length and will require some time […]

Most Employers/Borrowers of PPP Loans to Be Disclosed

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The Small Business Administration (SBA) and Treasury issued a press release on June 19, 2020 in which they announced that they had come to an agreement with bipartisan leadership in the Senate Small Business Committeehttps://www.sbc.senate.gov/public/ to publicly divulge additional detailed information regarding those employers/borrowers that have received funds under the Paycheck Protection Program (PPP) initiated by […]

SBA’s EIDL Program Reopened

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The U.S. Small Business Administration (SBA) announced that the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal has been reopened to all eligible applicants experiencing economic impacts due to COVID-19.  The SBA stopped accepting new EIDL applications on April 15, 2020, after the initial funding provided in the CARES Act was depleted. In […]

More PPP Changes and Enhancements on the Way

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The Paycheck Protection Program (PPP) created under the Coronavirus Aid, Relief and Economic Security (CARES) Act has been exceedingly successful in making funds available to businesses (see most recent SBA report), but it also has been poorly administrated with a constant flow of “partial” guidance. The frequent updates and changes to the program’s rules have […]

SBA & Treasury Announce Forthcoming Updates to PPP Rules

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The Small Business Administration (SBA) and the U.S. Treasury issued a joint statement on June 8, 2020, announcing forthcoming updated rules and guidance  for the Paycheck Protection Program (PPP). These modifications will implement the changes legislated by the newly enacted PPP Flexibility Act. Importantly, this statement provides clarification regarding eligibility for partial loan forgiveness under […]

PA Governor Announces New $225 Million Grant Program for Small Businesses Impacted by COVID-19

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On June 8, 2020, Pennsylvania Governor Tom Wolf announced a $225 million grant program to support the State’s small businesses that were negatively impacted by the COVID-19 pandemic and forced closure orders. Eligible businesses will be able to use the grants to cover operating expenses during the shutdown and transition to reopening, and for technical […]

PPP Flexibility Act Signed Into Law

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On June 5, 2020, President Trump signed the Paycheck Protection Program Flexibility Act of 2020 (H.R. 7010) into law. The new legislation, which had bipartisan support and passed quickly through Congress, provides changes to provisions for loan forgiveness that are favorable to borrowers who received funds under the Paycheck Protection Program (PPP) created by the […]