Tag: SBA

$15 billion in pandemic relief for Shuttered Venue Operators coming soon

Applications will open soon for the $15 billion Shuttered Venue Operators (SVO) Grant program, administered by the SBA and created by the December 2020 Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act.  Funds are expected to be exhausted quickly,...

UPDATED PPP essentials for small business owners: Qualifying Expenses, Forgiveness, and Recent Changes

It’s been several months now since many small business owners have received and spent their Paycheck Protection Program (PPP) loan awards, and many businesses are now ready to start the forgiveness process.  But SBA rules and legislation have significantly changed...

SBA issues surprising new PPP guidance addressing rent-related costs and owner-employee compensation 

On August 24, the Small Business Administration (SBA) issued a new Interim Final Rule (IFR) addressing the Payroll Protection Program (PPP) as it relates to the ownership percentages that trigger the applicability of the owner compensation rules and limitations on the eligibility...

U.S. Treasury and SBA answers PPP Loan Forgiveness’ frequently asked questions

The Small Business Administration (SBA), in consultation with the U.S. Treasury Department, recently issued new guidance through Frequently Asked Questions (FAQs) aimed at helping Paycheck Protection Program (PPP) borrowers navigate maximum loan forgiveness.  As small business owners approach the loan...

Borrowers with PPP loans below $2 million will have “need” automatically certified  

The SBA and Treasury issued some good news today for borrowers participating in the Paycheck Protection Program (PPP) concerned about the required certification that “the uncertainty of current economic conditions make necessary the loan request to support the ongoing operations of the eligible applicant.”...

Certifying Economic Need for PPP Loans and Extension of Safe Harbor Repayment Date

On April 23, 2020, the SBA issued FAQ #31, cautioning PPP borrowers that they need to review the required certification that “the uncertainty of current economic conditions make necessary the loan request to support the ongoing operations of the eligible...

Low-interest SBA loans coming to Michigan small businesses

Small business owners may get relief from economic hardships brought by the COVID-19 from a coalition of economic developers and entrepreneurial support organizations.  The Michigan Economic Development Corp., the state's business attraction and marketing entity, said Tuesday it would work closely...