How is the covered period defined under PPP-2? Both parties in Congress have already signaled they intend to … The procedure argument is based on the fact that the SBA did not publish the new forms with time for comment. But, today the funds still … This opportunity will end soon! The application portal closed to small business owners at 11:59 p.m. Tuesday, the original deadline to apply for the program. Posted June 3rd, 2020 by Alan Deckard & filed under SBA Loans . Businesses that received loans in excess of $2 million are not so lucky. But … After weeks without an answer, he turned to a Fort Lauderdale branch of Brickell-based Pacific National Bank. There’s still PPP funding left for small businesses — and now funds can be used for 6 months. “The issue we’ve seen is many applications from this group have been incomplete, causing a request for additional information or clarification which slows the process.“, Shane Canfield is a Hollywood-based professional driver who drives mostly for limousine companies and fills in with Uber or Lyft gigs. estimates some 10 million Americans categorized as self-employed, t 55,000 firms with fewer than five employees. The recent passage of the Paycheck Protection Flexibility Act allows small businesses to use funds up to 24-weeks and have the option of extending the life of the loan from two years to five. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. Billions In PPP Loans Still Available But Applications Are Due By Saturday . The first time was when it ran out of its $349 allocation; an interim stimulus bill gave it another $310 billion (with $30 billion set aside for small lenders and $30 billion for midsize lenders to help ensure that more rural, women-owned and minority-owned small businesses get loans). 2:00PM EDT 6/15/2020 Sutton Turner. ... That change to extend the period in which the funds can be used was the main provision of the new law, ... That means money is still available for business owners through the end of this month, when the program’s applications end. The Four Ways They Find Problems Worth Solving, Trump Signs Stimulus Bill; ‘PPP Second Draw’ Provides A Shot In The Arm For Small Business Owners, Trump Finally Signs The Relief Act—10 Important Things You Need To Know, The Best Laptops Of 2020…And Other Small Business Tech News, The 7 Worst Customer Service No No’s When A Customer’s Upset, Funds for businesses that received the first round of PPP funds but can qualify for another bite at the apple if they can show significant losses in 2020 over 2019, Funds earmarked for non-profits and news outlets that weren’t eligible in the first round, $15 billion for live venues, independent movie theaters, and cultural institutions, $20 billion for targeted grants through the Economic Injury Disaster Loan program through the Small Business Administration (SBA), Tax deductions for business meal expenses. A New York Times investigation revealed that more than 200 publicly traded companies received over $750 million in loans. June 9, 2020. While some businesses pivoted, survived, or even thrived, they could not have predicted the economic impact of Covid in March of 2020. The program officially runs out on June 30, 2020. This article was originally published on AllBusiness.com. The Administration’s view was taking the tax deductions would be “double dipping” on top of the grant. And more good news: there is more than $130 billion in PPP funds still available for small businesses, independent contractors, nonprofits and tribal businesses. Neil Hare is an attorney and President of Global Vision Communications, where he specializes in small business policy, advocacy, and communications campaigns; follow him on Twitter @nehare and on LinkedIn. When PPP loans first became available, many businesses clamored for them, and much of the program's funds were disbursed in April and May. There’s still time to apply for the Paycheck Protection Program (PPP) but the deadline is Aug. 8. NFIB is advocating for Congress to pass a second round of PPP loans for small businesses and we are hoping to have some clarity on the availability of these funds soon. Small Business Administration The Paycheck Protection Program provides small businesses with funds for payroll costs and utilities.. More than $100 Billion in PPP funds are still available. A lot of money is still available to faith-based organizations through June 30. The $10 million cap on PPP loans is a limit per franchisee entity, and each franchisee is limited to one PPP loan. A lot of money is still available to faith-based organizations through June 30. I f you already applied and received confirmation from your lender, do not reapply without contacting your lender first. Funding for the PPP program ran out the previous week, as a swell of small businesses (and some not-so-small businesses) applied and received funding. Examples include: Hotels and restaurant chains — no matter their size — remain eligible for PPP loans. About 40.8% of the funds remained available as of Wednesday evening. On October 8, 2020, the SBA along with the Treasury Department issued new guidance allowing borrowers with PPP loans of $50,000 or less to self-certify they used the money appropriately and receive complete forgiveness. Funding for the PPP program ran out the previous week, as a swell of small businesses (and some not-so-small businesses) applied and received funding. PPP-2 borrowing is capped at $2 million. “I’m current on [my bills] for now,” he said. First Time PPP Borrowers. Most businesses that did receive PPP loans have begun to apply for forgiveness. There are relief options available for your business, but these are first-come, first-serve and the window is closing fast. At last count, about $120 billion in PPP funding remains. Posted on May 26, 2020 When the first round of forgivable Paycheck Protection Program (PPP) loans became available April 3, the funds ran out within days. (Unsplash) On March 19, I began to pray for the inclusion of Christian organizations in the bill as it made its way through the Senate. The bill also addressed what was probably the biggest outstanding issue with PPP: the deductibility of expenses paid for with the forgivable loan. Still, if you are able to secure one, an EIDL can serve as a good resource to use in conjunction with a PPP loan. PPP Funds Still Available for Christian Organizations. © 2020 Forbes Media LLC. The SBA has 90 days to approve the application or request more information from the borrower. This article PPP are only available through SBA-approved lenders business Administration has already distributed 5.2 million loans! S quarter... [ + ] package new York times investigation revealed that more than 92 % of applications. 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