July 7, 2020 9:19 pm
Published by michael
The original deadline to apply for a Paycheck Protection Program (PPP) loan was June 30, 2020, but over the weekend, the President signed S. 4116 into law, extending the program for another five weeks. The program will now remain open until August 8, 2020. This program extension comes on the heels of The Paycheck Protection Program Flexibility Act which already provided good news to borrowers by making important changes to some of the original program terms.
June 22, 2020 10:13 pm
Published by michael
In response to changes made to the PPP loan program by the Paycheck Protection Program Flexibility Act of 2020 (which... Read More
May 4, 2020 10:07 pm
Published by michael
The Federal Reserve has announced that it is establishing a Main Street Lending Program (Program) to support lending to small and medium-sized businesses that were in sound financial condition before the onset of the COVID-19 pandemic but who may have been unable to access the Paycheck Protection Program (PPP) loans or who require additional financial support after receiving a PPP loan. Unlike PPP loans, Main Street loans are not forgivable.
April 25, 2020 1:35 pm
Published by michael
On April 24, the President signed the Paycheck Protection Program and Health Care Enhancement Act (the “Act”) into law. Among other things, the Act allocates over $300 billion to replenish the Paycheck Protection Program (“PPP”), including $60 billion specifically set aside for loans made by community-based banks and smaller lenders. The Act also increases Economic Injury Disaster Loan (“EIDL”) program appropriations by $50 billion, and EIDL grant program funds by $10 billion.
