Issues
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 good faith. A FAQ Sheet produced…
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 from the U.S. Small Business Administration and U.S.…
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 and Department of Treasury are continuously…
Major automotive aftermarket associations, including the Auto Care Association, Tire Industry Association and Service Station Dealers of American and Allied Trades, the Automotive Oil Change Association, and the Automotive Service Association, sent a letter to Congressional leaders in opposition of a new “Cash for Clunkers” type program from being included in the next COVID-19 stimulus…
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 loans, specifically allowing 501(c)(6) business trade associations to…
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, however, SBA has been facing a backlog…
The National Highway Traffic Safety Administration (NHTSA) released an early report on the estimate of motor vehicle fatalities in 2019. According to NHTSAs findings, there was a slight decrease in fatal car crashes in 2019 when compared to 2018. In the report, NHTSA states that they are still continuing to gather and finalize data on…
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 have applied for the PPP and Economic…
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. U.S. Senators Chuck Grassley (R-IA), Ron Wyden (D-OR),…
The U.S. Department of Labor (DOL) is seeking comment and input from the public regarding reopening workplaces. Per the DOL: The U.S. Department of Labor (DOL) invites small business and workers to participate in the DOL’s “Opening America’s Workplaces Again National Online Dialogue.” Through this dialogue, the public can play a key role in helping…