Month: June 2020 Page 1 of 2

PPP Clarifications – borrowers may apply before the end of covered period and other information released in recent interim final rule

By

On June 26, 2020

In Federal, Financial Resources

The Coronavirus Aid, Relief, and Economic Security Act (the CARES Act or) was signed into law March 27, 2020 to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.  The Paycheck Protection Program, a provision in the CARES Act, provides forgivable loans for businesses impacted by the devastating financial impact of the epidemic.

The Paycheck Protection Program Flexibility Act of 2020 (PPPFA) was signed into law on June 5th to expand borrower flexibility and simplify the process to request forgiveness as a result of feedback from lenders and borrowers reporting that the rigidity and uncertainty of the program, as implemented, rendered the loan program an ineffective source of relief.… Read More

EIDL Program Reopens for Eligible Small Business Companies – expands access for gig workers

By

On June 24, 2020

In Federal, Financial Resources

The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27th and intended to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.  One provision of the CARES Act intended to deliver relief to small businesses included an expansion of the SBA’s existing 7(b) emergency loan program (Economic Injury Disaster Loans or EIDLs) to help eligible businesses and private nonprofits pay payroll and operating expenses that could have been paid had the COVID-19 public health emergency not occurred.

The program exhausted funding and the application portal closed on April 15, 2020 (reopened in May for agricultural businesses only). … Read More

DelcoSTRONG Round 2 – application opens July 7th, 2020!

By

On June 24, 2020

In Pennsylvania, State/Local

Recognizing the need to provide support to Delaware County’s local business community, Delaware County has launched round 2 of their DelcoSTRONG Small Business Support Program.  We provided information on round 1 in an earlier post, you can read more about round one HERE.  

The program is being funded through The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) which was signed into law on March 27th and intended to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.

Round 2 has been expanded to include nonprofit organizations and those applications will be administered by the Foundation for Delaware County. … Read More

IRS issues Guidance on Waiver of 2020 Required Minimum Distributions

By

On June 24, 2020

In Federal

Generally, IRA and 401K plan owners are required to take a certain amount of money out of their accounts each year beginning in the year they turn 72.  These mandatory distributions are called required minimum distributions (RMDs).  The Coronavirus Aid, Relief, and Economic Security Act (CARES Act) was signed into law on March 27th and intended to provide emergency assistance and health care response for individuals, families, and businesses affected by the coronavirus pandemic.

The CARES Act enabled any taxpayer with an RMD due in 2020 from a defined contribution retirement plan, including a 401(k) plan, 403(b) plan, or an IRA, to skip those RMDs this year.… Read More

ICYMI – Recording Available for June 22nd, 2020 Webinar on COVID Lending Programs

By

On June 23, 2020

In Webinars

Brinker Simpson & Company, LLC hosted a webinar Friday June 22nd, 2020 to provide updates and an overview of COVID19 related lending programs including the Economic Injury Disaster Loans (application platform reopened), the Main Street Lending Program and the 7(a) modeled Paycheck Protection Program which has recently been enhanced with the passing of the Paycheck Protection Program Flexibility Act of 2020.

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

You can download the PPT slides from the presentation by clicking this LINK.

We send all webinar invitations to our email distribution list, if you would like to be added and/or there are topics you would like us to consider for future webinars, please let us know.… Read More

PA Unemployment update regarding delays

By

On June 17, 2020

In Pennsylvania

The Pennsylvania Department of Labor & Industry (L&I) sent an email communication indicating it is using a phased approach to resolve the outstanding issue which many are experiencing regarding being unable to file for earlier weeks in your Pandemic Unemployment Assistance (PUA) claim.

L&I will be opening claim weeks to allow you to file for them on certain days based on the last digit of your Social Security Number (SSN).

PUA claimants not impacted with any missed claim weeks must also file the normal weekly certification on the date assigned by SSN during the roll-out of this solution.

Schedule of SSN Access to the PUA System:

How do I claim weeks that I’m missing?… Read More

SBA / Treasury release Interim Final Rule to address revisions to the program as a result of PPPFA; 60% is not a cliff!

By

On June 11, 2020

In Federal, Financial Resources

The  Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act, was enacted on March 27, 2020 to provide immediate assistance to individuals, families, and businesses affected by the COVID-19 pandemic.

One of the provisions of the CARES Act included a loan program authorizing the Small Business Administration to temporarily guarantee loans under a new 7(a)
loan program titled the Paycheck Protection Program (PPP).   Loans guaranteed under the Paycheck Protection Program (PPP) are  100 percent guaranteed by SBA, and the full principal amount of the loans may qualify for loan forgiveness. 

The forgiveness component is what attracted massive interest in the program as business owners across the country are faced with government shut down orders that have caused significant declines in economic activity.… Read More

Federal Reserve expands Main Street Lending Program to include more small and medium-sized businesses

By

On June 10, 2020

In Federal

The Federal Reserve Board (the Board) announced changes to the Main Street Lending Program on June 8th that are designed to expand the program to more small and medium-sized businesses.  The Main Street Lending Program was established and funded with the passing of the Coronavirus Aid, Relief, and Economic Security Act, also known as the CARES Act.  The CARES Act was signed into law by President Trump on March 27th, 2020.

The changes were listed on a press release that the Federal Reserve’s MSLP homepage that tracks program updates and changes.  The Board indicated the changes are a result of feedback received since the initial announcement of the lending program.… Read More

PA Unemployment to send prepaid debit cards – BE CAREFUL when shredding / discarding junk mail!

By

On June 10, 2020

In Pennsylvania

We previously posted information regarding PA Unemployment and the widespread fraud (occurring in multiple states) within the Pandemic Unemployment Assistance (PUA) program that provides an additional benefit to workers unemployed as a result of the financial impact of COVID-19 (up to $600 per week through the end of July).  Scammers have been using information from an unidentified security breach to apply for unemployment benefits.  This fraudulent activity is causing concern for applicants experiencing delays of their claim status / benefit payments as well as people who did not apply for unemployment benefits but received a notification or check indicating they had.… Read More

Governor Wolf of Pennsylvania Announces a $225 Million Grant Program for Small Business

By

On June 9, 2020

In Pennsylvania, State/Local

Yesterday afternoon, Governor Tom Wolf of Pennsylvania announced a $225 million grant program intended to support Pennsylvania small businesses impacted by the COVID-19 related business closure orders meant to help slow the spread of the virus.

The funding comes from allocations to states and municipalities in the Coronavirus Aid, Relief, and Economic Security (CARES) Act which was signed into law by President Trump March 27, 2020.  The funding comes as part of $2.6 billion in federal stimulus funds that were allocated through the recently passed PA Budget.  Of the $2.6 billion, $225 million was earmarked for small businesses.

The Department of Community and Economic Development (DCED) will distribute the funds to the Community Development Financial Institutions (CDFIs), which will then administer the funding in the form of grants. … Read More

Page 1 of 2

Next

Powered by WordPress & Theme by Anders Norén