Category: Financial Resources Page 1 of 4

PA opens portal for hazard pay grant

The COVID-19 PA Hazard Pay Grant Program was established to help employers provide hazard pay to employees in life-sustaining occupations during the coronavirus (COVID-19) pandemic. Hazard pay is intended to keep front-line employees working in sectors that are vital to every Pennsylvanians’ existence. The program will help employers provide hazard pay for their employees to retain current employees. 

Created through the federal Coronavirus Aid, Relief, and Economic Security (CARES) Act, this reimbursement-based grant is available to employers offering hazard pay during the eligible program period and will be administered by the Department of Community and Economic Development (DCED). Businesses may apply for grants up to a maximum of $3 million.Read More

Senate passes extension of Paycheck Protection Program until August 8, bill heads to House & other PPP legislation

The Paycheck Protection Program (PPP), a provision in the CARES Act, provides forgivable loans for businesses impacted by the devastating financial impact of the epidemic.  Yesterday, on the statutory deadline for submission of PPP applications, the Senate voted unanimously to extend the program until August 8, 2020.  The bill, S4116 was sponsored by Senator Benjamin Cardin will now head to a vote in U.S House of Representatives.

 The Small Business Administration will stop accepting applications to the program unless / until the House passes passes the Senate version of the bill.

Other recent legislative action in Congress that could potentially impact the PPP loan program are below:

  • S.4117

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

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

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

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

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

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

Millions of people will get their Economic Impact Payment by prepaid debit card

Nearly four million people are being sent their Economic Impact Payment by prepaid debit card, instead of paper check, the Internal Revenue Service announced last week. 

The announcement comes as a result of an interpretive rule issuance from the Consumer Financial Protection Bureau (CFPB) clarifying that coronavirus relief payments will not be considered “government benefits” and can be issued as prepaid cards, as a result.  The CFPB has issued a FAQ page with more information.

The determination of which taxpayers receive a debit card was made by the Bureau of the Fiscal Service, another part of the Treasury Department that works with the IRS to handle distribution of the payments. Read More

PPP – Borrower & Lender Responsibilities – Interim Final Rule

The CARES Act was enacted on March 27th, 2020 to provide immediate assistance to individuals, families, and organizations affected by the COVID-19 emergency.

Among the provisions contained in the CARES Act are provisions authorizing SBA to temporarily guarantee loans under the Paycheck Protection Program (PPP).  The intent was to quickly provide funding to struggling business owners impacted by the government mandated public health measures designed to mitigate the spread of the virus.  In service of that goal, the structure of the program relies on borrower documentation and certifications to apply for loans and forgiveness.

The central purpose of the program, per the CARES Act, is keeping workers paid and employed. … Read More

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