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 […]

Senate Approves Paycheck Protection Program Flexibility Act of 2020

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The bipartisan House-approved Paycheck Protection Program Flexibility Act (H.R. 7010) was passed on June 3, 2020, after Senate Majority Leader Mitch McConnell, (R-KY), pushed his colleagues to support the measure passed by the House of Representatives, overcoming the objections of certain Senators who were still placing holds on the bill as late as Wednesday afternoon. […]

SBA’s EIDL Program Appears to Be in Deep Trouble

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Though not noted in its recent news release announcing that the application portal would reopen for certain agricultural businesses now eligible for the SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs, it has been widely reported that the program has been crushed by applications. The SBA stopped accepting new applications on April 15, […]

Paycheck Protection Program Loans – Round 2

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After getting hung up for several weeks in the Senate, on April 24, 2020, President Trump signed the Paycheck Protection Program and Health Care Enhancement Act (the Enhancement Act) into law. This is the fourth piece of legislation providing COVID-19 relief. The new $484 Billion package includes $310 to replenish funding for the Paycheck Protection […]

FAQs Issued to Further Clarify Guidance on PPP Loans

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In the flurry of releasing millions of dollars of loan requests from small businesses under the CARES Act’s Paycheck Protection Program (PPP), the Small Business Administration (SBA), in consultation with Department of the Treasury, issued additional guidance on April 6, 2020. These Frequently Asked Questions (FAQs) go a long way in clarifying the intent of […]

Loans for Mid-Sized Businesses Under the CARES Act

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There has been a flood of information (and misinformation) about the Paycheck Protection Program (PPP) included in the Coronavirus Aid, Relief and Economic Security (CARES) Act that provides eligible small businesses with borrowing opportunities to weather the current COVID-19 economic storm (see related posts below). Receiving less attention at the current time is another program […]

Comparing Small Business Relief Packages

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There are numerous relief programs available to small business owners negatively impacted by the Coronavirus pandemic. We have previously posted detailed information on each these programs, which can be accessed at the “related posts” links at the bottom. The following summaries and links provide quick access to additional information. For further assistance, please feel free […]

SBA Issues Additional Guidance for Paycheck Protection Program Loans

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UPDATE (4/7/20): the SBA and Treasury have released FAQs to Provide Additional Clarity As with nearly all of the guidance being issued regarding the COVID-19 relief programs, information regarding the Paycheck Protection Program Loans continues to evolve. On April 2, 2020, the SBA issued an interim final rule and a new application form (that requires […]

CARES Act Stimulus Bill Becomes Law

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President Trump signed the Coronavirus Aid, Relief, and Economic Security (CARES) Act on March 27, 2020, after the bill was approved by voice-vote by the House of Representatives earlier that day. That vote followed unanimous approval by the Senate on March 25, 2020. The 880-page, $2 trillion Act includes provisions designed to provide economic stimulus […]

President Trump Signs Novel Coronavirus Relief Bill Into Law

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While Congress and the Administration work furiously to address the health-related impacts of the Novel Coronavirus (COVID-19) pandemic, they have also taken steps at an unprecedented rate to head off the longer-term effects of the economic fallout from necessary business closures and supply-chain interruptions, including helping workers, who may be suffering the most from the […]