We are here to help, in any way we can. We will continue to update this website with the latest news regarding the new Economic Stimulus package, Families First Coronavirus Act, extended tax filing and payment deadlines, economic grant activity, SBA loans, unemployment updates, and all COVID-19 related relief and information as we partner to survive this disaster together. We will post information and resources to this site. If you have a question and cannot find an answer here, contact us and we will find that answer for you. That’s our promise to you.

We hope for a quick recovery and for a return to some normalcy.

Paycheck Protection Program Flexibility Act – Webinar Tomorrow to Learn How the Bill Impacts Your PPP.

The Senate passed the Paycheck Protection Program Flexibility Act of 2020 (H. R. 7010) yesterday afternoon to provide relief to borrowers participating in the Paycheck Protection Program (PPP).   

In our earlier post, we discussed the changes and some important questions that still need answers.

We are hosting a webinar, tomorrow at noon to provide an overview of H.R. 7010, impact to forgiveness calculations, discuss questions that still remain, and discuss potential strategies to maximize the amount eligible for forgiveness. 

Details Below:

When: Jun 5, 2020 12:00 PM Eastern Time (US and Canada)
Topic: Paycheck Protection Program Flexibility Act

AGENDA
– Overview of H.R.… Read More

Paycheck Protection Program Flexibility Act passes Senate – Heads to President for Signature

Yesterday afternoon, the Senate unanimously approved H.R 7010, the Paycheck Protection Program Flexibility Act of 2020.  As we previously reported, the House of Representatives passed the bill last week in an attempt to address major issues with the Paycheck Protection Program (PPP).  The bill now heads to the President, he is expected to sign the bill into law.

The bill makes significant changes to the PPP and will provide immediate and critically important relief for borrowers who have endured weeks of uncertainty with regard to the rules, terms, and expectation of forgiveness often coupled with the financial devastation of partial or total mandated government shut down orders.Read More

PA Unemployment Scam – What to do if you receive PA Unemployment you did not apply for?

Pennsylvania’s Department of Labor & Industry anti-fraud division has discovered recent attempts in which scammers are utilizing personal information to apply for Pandemic Unemployment Assistance (PUA) benefits. 

Per the PA L&I, their systems or data have not been compromised. The personal information was obtained from sources outside L&I.

The fraudulent applications used personal information to apply for PA Unemployment benefits and requested the money be deposited to their bank account.  This fraudulent activity is happening across several states including Massachusetts, Illinois and several others.

As a result of the fraudulent activity, PA L&I announced that PUA Claimants will be receiving their PUA benefit payments via paper checks for the foreseeable future as a precaution.… Read More

ICYMI -Paycheck Protection Program Flexibility Act & More – Webinar recording available from 6/1

Brinker Simpson & Company, LLC hosted a webinar Monday June 1st, 2020 to discuss an overview of the changes in the Paycheck Protection Program Flexibility Act of 2020, potential changes in the reconciling Senate version, an overview of the loan program and process to apply for forgiveness.

The webinar addresses many commonly asked questions about the PPP and the related forgiveness.

Senate Majority Leader Mitch McConnell indicated that he was checking with senators to see if the bill can pass the chamber unanimously.  If so, he expects it to pass this week.

A recording of that overview and the following Q&A from participants can be viewed HERE.… Read More

What do I do? I shredded my stimulus debit card or it has the wrong name

Don’t throw away that debit card that just arrived in the mail — it could be your coronavirus stimulus payment.

In order to expedite the issuance of stimulus payments, the Treasury Department decided to send out to 4 million people debit cards instead of checks.  The problem is that most people were looking for a check and thought the debit card was junk mail.  The cards arrive in a plain envelope from “Money Network Cardholder Services,” according to the IRS, with the name of the issuing bank, MetaBank, N.A., on the back.  The card doesn’t show it is from the federal government but the envelope does state that it is being sent on behalf of the Treasury Department.

If you do throw the card away, you can get a replacement by calling customer service at 1-800-240-8100, according to EIPCard.com, which provides information on how to use the cards. While the cardholder agreement says it costs $0 to replace the card the first time, there is a $17 charge for priority shipping of the new card.

Read More

Main Street Lending Program Information Released

The Federal Reserve Bank of Boston today released several borrower and lender documents and a revised FAQ for the Federal Reserve’s Main Street Lending Program.  The documents were released on the Federal Reserve of Bank of Boston website.  The lending program was established with the passing of the CARES Act and is expected to be operational by early June. 

The Program is meant to support small and medium-sized businesses that were in sound financial condition before the COVID19 pandemic.

Our team is working through all of the information and will include an overview during Monday’s webinar.

The revised FAQ document is 56 pages long and the list of documents released late last night are below:

Please reach out to cares@brinkersimpson.comRead More

PPP Flexibility Act of 2020 & Invitation to kick off June 2020 with us at our upcoming PPP Party (social distancing brought to you by Zoom)

Congress is expected to pass the Paycheck Protection Program Flexibility Act of 2020 (H. R. 7010) to provide relief to borrowers participating in the Paycheck Protection Program (PPP).  There is bipartisan support in the House and Senate to address the most significant areas of concern raised by business owners/borrowers, CPAs, and industry groups. The House is expected to vote tomorrow, May 28,2020 (almost 2 months to the day from the passing of the CARES Act, feels much longer).  Our earlier post provided details about the House version of the bill and potential negotiations being considered to reconcile to the Senate version. Read More

Bipartisan House Bill introduced to Remedy Major PPP Issues; Legislative Relief May Pass as Early as This Week

On May 26, 2020, the bipartisan Paycheck Protection Program Flexibility Act of 2020 (H. R. 7010) was introduced in the House of Representatives to address some of the major concerns voiced by Paycheck Protection Program (PPP) borrower with regard to forgiveness and to modify other provisions of the Program.  

PPP borrowers across the county have expressed major concern with the loan requiring funds be spent over the 8 week covered period following receipt of the loan proceeds.  Many businesses, the most severely impacted, are only now beginning to see relaxed rules or information about reopening plans from their states.  The PPP required borrowers to restore both their headcount and salary levels to pre pandemic levels by the end of the covered period or June 30th. Read More

Main Street Lending Update (barely) and More from the Senate Banking Committee Hearing Last Week

On May 19th, the U.S Senate Banking Committee held a virtual hearing.  The Committee questioned Treasury Secretary Steven Mnuchin and Federal Reserve Chairman Jerome Powell about how they are using the $2 trillion CARES Act stimulus funds.

CARES Act Programs were discussed.  Updates are below.

Chairman Powell for updates from the Federal Reserve:

  • Main Street Lending Program – “preparing to launch” per Chairman Powell
    • When pressed by Senator Pat Toomey (R) on a more definitive launch date, Powell said he expects the program to be operationa by the end of May or first few days of June
  • Municipal Liquidity Facility established under section 13(3) authority to purchase short-term debt directly from U.S.
Read More

Municipal Funding Facility – Overview and Notice of Interest Form Release

The Board of Governors of the Federal Reserve System (the “Federal Reserve”), through the Federal Reserve Bank of New York (the “Reserve Bank”), is in the process of launching a new CARES Act lending program, known as the Municipal Liquidity Facility (the “MLF”), for state and local governments affected by COVID-19 pandemic.

The Municipal Liquidity Facility is designed to help state and local governments improve cash management challenges resulting from the COVID19 mitigation measures, including significantly reduced tax collection revenue.  The facility will purchase up to $500 billion of short term notes from eligible issuers.

Originally, eligible issuers included U.S. states (including the District of Columbia), U.S.… Read More

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