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Uncategorized – Paycheck Protection Loans

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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 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

Alternative SBA Guidance and Programs

In addition to the paycheck protection program, the SBA has established a number of other initiatives in response to the Coronavirus pandemic. The COVID-19 Economic Injury Disaster Loan provides small businesses with working capital loans up to $2 million, providing vital economic support to small businesses in overcoming the temporary loss of revenue they are experiencing. SBA Express Bridge Loans allow small businesses who currently have a business relationship with an SBA Express Lender to access up to $25,000