The U.S. Small Business Administration plans to reopen the Paycheck Protection Program to small lenders on Friday and to all lenders next Tuesday.
The U.S. Small Business Administration and the Treasury Department relaunched the Paycheck Protection Program on Monday to new borrowers, prioritizing loans from community lenders.
As the time comes for businesses to apply for PPP loan forgiveness, CPAs can provide vital assistance to ensure success for their clients.
Lawmakers are seeking to address some of the PPP’s more obvious failings in the latest coronavirus bill.
The single-family house on Forestview Avenue in Euclid, Ohio, a suburb of Cleveland, shows no signs of farming activity. The only things growing on the one-eighth-acre plot are trees, shrubs and grass.
For a few months this year, a U.S. government aid program meant for struggling small-business owners was handing out $10,000 to just about anyone who asked. All it took was a five-minute online application. You just had to say you owned a business with at least 10 employees, and the grant usually arrived within a few days.
The U.S. Small Business Administration and the Treasury Department are making it easier for companies to get their Paycheck Protection Program loans of $50,000 or less forgiven.
Lenders welcomed the move as a helpful first step but are still urging policymakers to develop a broader, simpler process for expediting the approvals of loans extended to troubled small businesses under the Paycheck Protection Program.
Small-business employment and hours worked grew a bit in September, especially in the Northeast and within the construction industry, according to the latest monthly report from payroll giant Paychex.
The Internal Revenue Service said Tuesday that lenders who make Paycheck Protection Program loans that are later forgiven under the CARES Act should not file information returns or furnish payee statements to report the forgiveness.