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US Treasury Announces Return of the Paycheck Protection Program

The US treasury has announced that the SBA will be reopening the Paycheck Protection Program (PPP) for first and second-draw loans the week commencing January 11, 2021. PPP Loans can be used to help fund payroll costs, mortgage interest, rent, utilities, worker protection costs related to COVID-19, as well as many other additional purposes. Background to the Paycheck Protection Program The Paycheck Protection Program was originally created as part of the CARES Act, issuing an initial $349 billion in small business funding back

Deadline for the Paycheck Protection Program Extended

(as Details on Some PPP Loans Finally Released After Public Pressure) Senate Makes Last-minute Call to Extend the PPP Deadline: Hours before the original Paycheck Protection Program deadline was due to expire, the Senate reached a last minute agreement to extend the June 30th deadline until August 8th. It was originally expected there could be some resistance from Democrats but the move was unanimously passed by the senate. Everyone in agreement, it was important that all businesses who needed access to

PPP Applications Begin to Slow but $150 billion in Funding Remains

The number of new loans issued through the paycheck protection program has begun to slow down as supply is finally catching up with demand. When Congress expanded the original $350 billion program in April the total funding allocated to the paycheck protection program jumped to $660 billion. As of May 23rd the SBA approved $511 billion in Paycheck Protection Program loans meaning $150 billion in funding is still available through the Federal Reserve and SBA initiative. Source: The proportion of businesses

PPP Program Receives a Second Funding of $310bn

The Paycheck Protection Program for small businesses had its fair share of execution struggles, including a massive delay in funding which has caused a massive backlash. On April 16, it was already reported the PPP program has run out of its initial funding. It was also reported that corporations that don’t actually require PPP loans are applying for them, including hedge funds, and that public companies with revenues of more than $100m are being

The Science of Coronavirus: Prepare Your Business for the Next Wave

Planning and maintaining a small business through the coronavirus pandemic is not an easy task. Unlike larger corporations that have the ability to hire economists and scientists to predict the future and model how the business will survive, small businesses cannot afford such luxuries.  To help you out, this article takes a look at the most recent science behind the COVID-19 outbreak, and how you can start planning now to ensure that your business can get in on the economic rebound.  To

What Will The World Be Like After Coronavirus?

The absolute sole priority for countries right now is to confront the immediate challenges of the coronavirus pandemic. Ensuring access to healthcare for those who need it most, maintaining the supply chains of essential supplies and managing the economic disaster that risks seeing businesses and individuals devastated through circumstances completely out of their control.  However, if we look back at periods of national crisis, they have often been the building blocks for radical ideas that, once the crisis is over, can

The Coronavirus Impact on Unemployment in the US

The US Unemployment Rate America’s 10-year run of continual employment growth came to an abrupt halt in March as the US unemployment rate rose for the first time since 2010. The Government’s Bureau of Labor Statistics announced that unemployment rose to 4.4% in March, up from a 50-year low of 3.5% in February. Over the measured period, 701,000 jobs were lost in the US.  Of the industries most impacted by the hit, employment in leisure and hospitality fell by 459,000 over the

Why Has The Paycheck Protection Program Been Delayed?

In a bill that unanimously passed congress (the paycheck protection program, part of the CARES act), we can quite firmly conclude that the US government believes helping small businesses is an urgent matter. This is one of the reasons the paycheck protection program was rolled out so quickly, even as banks have been unprepared and the guidelines from the Treasury and SBA remain unclear. Small business owners are anxiously awaiting further news from their lenders as to when they’ll be able

Coronavirus – Will Life Return to Normal for Small Businesses?

Unprecedented Times and an Unprecedented Response The current environment would have been almost impossible to comprehend just a few months ago. Even coming into February when it felt like the media were overhyping the first few cases of coronavirus in the west, we couldn’t have imagined it would get to this. Let’s just presume you were offered a bet on new year’s eve that by March one quarter of the world population would be on lockdown, the 2020 Olympics would be

Coronavirus Pandemic – The Economic Fallout

Can We Predict The Size Of The US Economic Impact? Global Coronavirus cases are at nearly 1,000,000 (true as of April 2nd, latest stats here). Up from the 200,000 confirmed cases reported on March 18th and 226,978 cases now being confirmed in the US alone. As COVID-19 continues to spread through communities, public health policies have shifted from a stance of ‘containment’ to ‘delaying’ and ‘mitigation.’ All recognised health authorities now understand the virus will spread in society and our