Small Business

U.S. Senate Passes Additional Funding for PPP The U.S. Senate passed an interim Coronavirus emergency package by voice vote. The package includes additional funding for the Paycheck Protection Program (PPP), Economic Injury Disaster Loans (EIDLs), hospitals, and testing. The bipartisan agreement comes days after negotiations and a week after the PPP ran out of its…

Statement from Secretary Steven T. Mnuchin and Administrator Jovita Carranza on the Success of the Paycheck Protection Program Per the U.S. Small Business Administration:   Today, U.S. Small Business Administration Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement regarding the success of the Paycheck Protection Program (PPP): “The Treasury…

Lawmakers Submit Letters Regarding EIDL and PPP Programs A bipartisan group of lawmakers submitted a letter to U.S. Small Business Administration (SBA) Administrator Jovita Carranza seeking “information and guidance from the SBA regarding Economic Injury Disaster Loans (EIDLs), how your agency is meeting the challenges facing this program, and how Congress can assist the SBA.”…

Government lending to small businesses during COVID19 – Why? How? And will it work? Report from Brookings The U.S. Congress recently passed the Coronavirus Aid, Relief, and Economic Security (CARES) Act in response to the COVID19 pandemic. In these unprecedented times, the CARES Act authorized $349 billion in loans to small businesses that can be…

ASA Signs on to Critical Infrastructure Coalition CARES Act Letter The Automotive Service Association (ASA) joined aftermarket coalition associations requesting Congress expand the authority of the Paycheck Protection Program (PPP) in the Fourth Stimulus package coming up for consideration. “The PPP program has been popular with automotive repairers but with the increasing economic impact on shops…

Fintech Seeks to Speed Up Stimulus Per Protocol, financial technology (fintech) companies are seeking to help Americans get the relief needed that was approved under the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The Paycheck Protection Program (PPP) authorizes up to $349 billion toward job retention and certain other expenses. Small businesses and eligible nonprofit…

Paycheck Protection Program Frequently Asked Questions The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act…

Republican Leader Releases Statement on Additional Funding for PPP Republican Leader Mitch McConnell released a statement announcing the need for additional funding for the Paycheck Protection Program (PPP). The PPP is a $349 billion program for small businesses to cover payroll during the COVID19 pandemic. The program launched on Friday and has already dolled out…

SBA’s Paycheck Protection Program for Small Businesses Affected by the Coronavirus Pandemic Launches The U.S. Small Business Administration (SBA) launched the Paycheck Protection Program, a $349 billion emergency loan program created last week by the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Per the SBA: The loans are available to cover up to eight…

SBA Provides Information on PPP The U.S. Small Business Administration (SBA) continues to update their website on programs available for shops. Information is now included on the Paycheck Protection Program (PPP). Per SBA, “the Paycheck Protection Program is designed to provide a direct incentive for small businesses to keep their workers on payroll by providing each small…