By Sarah Vardian | Published May 4, 2020 | Posted in Bankruptcy, Business Law, Federal Litigation | Tagged Tags: business, business owner, Civil, coronavirus, covid-19, debt, employees, Federal, government, law, legal, loan, paycheck, paycheck protection program, payroll, ppp, small business | Comments Off on Paycheck Protection Loans – Next Steps
Paycheck Protection Loans – Next Steps
Can I Still Get a Loan? If you have not yet applied for Paycheck Protection Plan loan there may still be time for you to do so. As of May 1, 2020, the Small Business Administration has approved funding for over 2.2 million loan applications for loans that total a little under $176 billion of Read More
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Paycheck Protection Program Loans- How is the Average Monthly Payroll Calculated?
The rollout of the Paycheck Protection Loan program has been anything but smooth as the hastily written statute had provisions that did not make sense and the implementing regulations that were drafted just as quickly, sometimes led to more questions than answers. The banks that have opened their online portals to accept applications have each Read More
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Paycheck Protection Plan Loan Updates
On April 2 the Small Business Administration issued interim rules to implement the Paycheck Protection Loan provisions of the CARES Act. The Rules: increased the interest rate on the loans to 1% (from 0.5%) – the repayment period for any portion of the loan that is not forgiven remains at 2 years); clarify that household Read More
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Update on Paycheck Protection Plan Loans
Update on Paycheck Protection Plan Loans A paycheck protection plan loan can provide small businesses adversely affected by the COVID-19 virus with a way to pay their employees, rent and utilities. These loans can be forgiven if the loan is used for the approved purposes. Businesses can get up to 2.5 times the amount of Read More
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COVID-19 LOAN AND GRANT ASSISTANCE FOR SMALL BUSINESSES
On Friday March 27, President Trump signed into law the CARES Act which makes new loans available to small businesses and non-profits. The programs described below are managed through the Small Business Administration, which will be issuing guidance in the coming days as to where and how you can apply for assistance. LOANS TO FUND Read More
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