Posts Tagged ‘SBA’

Small Business Owners and COVID-19 The COVID-19 pandemic has affected every one of us—but perhaps none more so than small businesses owners. A May 2020 study, conducted by the Society for Human Resource Management, reported that 42% of small business owners had to close their business as a result of the pandemic and that 62% of small businesses experienced a decrease in revenue. In November 2020, Vice President Harris acknowledged these bleak circumstances by confirming that one in four small businesses in the US have closed due to COVID-19. Over the last year and a half, the federal government has… read more »

The Small Business Administration (SBA), together with the Department of the Treasury, continue to offer additional guidance regarding the implementation of the Paycheck Protection Program (PPP), established by section 1102 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act). The guidance is offered in a Frequently Asked Questions format (see link below). Paycheck Protection Program Loans FAQs This resource is reliable since it contains SBA’s interpretation of the CARES Act and of the Paycheck Protection Program Interim Final Rules (see link below). The U.S. government will not challenge lender actions that conform to the PPP guidance found on… read more »

Earlier this month, the Small Business Administration’s Paycheck Protection Program (PPP) offered the first round of relief to small businesses under 500 employees by providing needed capital to cover payroll, utilities, rent, insurance, and loan payments (see PPP program description below). For businesses unable to take advantage of these loans in the first round, there is another opportunity! Payroll Protection Program. The SBA’s Payroll Protection Program (PPP) is designed to help businesses maintain their workforce by enabling small businesses to cover payroll and other expenses for eight weeks during the COVID-19 crisis. The loans cover up to $10 million and may… read more »

Small businesses received a bit of good news Thursday, April 3rd with two critical announcements for small businesses.  The SBA announced that they will relieve principal and interest obligations of SBA 7(a) borrowers for six months beginning with payments after March 27, 2020.   This will also apply to loans that have already taken a 6–month deferment, and payments shall begin at the conclusion of the deferment period unless the borrower chooses to have the payments begin sooner.  Further guidance will be forthcoming from SBA.  USDA also announced a temporary exception for lenders to offer a 180–day deferral fo USDA… read more »