Below is a summary of the proposed details on the Emergency Coronavirus Relief Act that was recently released. The proposed legislation includes significant updates to the Paycheck Protection Program (PPP). If approved, the bipartisan bill will make $267.5 billion additional funds available for PPP loans and $13.5 billion for Economic Injury Disaster Loans also overseen by the Small Business Association.
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses
The Small Business Administration (SBA) published in late October that it will begin issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with PPP loans of over $2 million. The loan necessity questionnaires will be utilized by the SBA to review the PPP borrower’s good-faith certifications of economic need. There are two versions of the questionnaire: Form 3509 that will be used by for-profit borrowers, and Form 3510 that will be used by non-profit borrowers.
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses
On Wednesday evening, the U.S. Senate approved H.R. 7010, a bill that will dramatically change critical terms to the Small Business Administration's Paycheck Protection Program, providing much needed relief for borrowers.
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses
On Friday, May 15, 2020, the U.S. Small Business Administration released the much-anticipated application and instructions for how Paycheck Protection Program borrowers can see their loans forgiven.
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act
"How will SBA review borrowers' required good-faith certification concerning the necessity of their loan request?"
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act
On Friday, April 24, 2020, the President signed into law a $484 billion relief bill called the Paycheck Protection Program ("PPP") and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing.
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act
COVID-19 is impacting your business, and we are here to help. Our Business Advisory experts are empathetic and diverse problem solvers that are here to assist where you need it most.
Topics: ohio, Business Advisory, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, Businesses, CARES Act
Late on Thursday, April 2, the SBA released the Interim Final Rule (IRF) which constitutes the much anticipated “Regulations” to provide further guidance of the PPP implementation. This interim final rule is effective immediately and is being issued to allow for immediate implementation of this program.
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act
The guidance for the Paycheck Protection Program ("PPP") was issued on March 31, 2020 with the application process beginning on Friday April 3, 2020. There have been several changes to the original guidance that was issued over the past week and there may be more before the application process opens on April 3, 2020.
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act
As part of the new stimulus package signed by President Trump today, $349 billion is being allocated to assist small businesses with loans. The loans will be administered through the SBA 7a loan program via qualified commercial lenders and pertain to companies that have seen business decline as a result of COVID-19.
Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act