The US House passed a bill that would relax some of the requirements that Paycheck Protection Program fund recipients need to fulfill to qualify for forgiveness from their loans.
Paycheck Protection Program Round 2 funding worth $10 billion is being set aside for Community Development Financial Institutions, which work with underserved communities.
The Committee of Sponsoring Organizations of the Treadway Commission has published new guidance on risk appetite and its critical links with strategy and decision-making.
The SBA and Department of Treasury issued a pair of new interim final rules Friday for the Paycheck Protection Program. Meanwhile, bills in Congress could make major changes to two of the PPP’s most significant rules. Votes could come as early as this week.
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An application form and instructions released by the US Small Business Administration are designed to assist borrowers as they apply for Paycheck Protection Program loan forgiveness.
The U.S. Small Business Administration (SBA) issued a new interim final rule opening the door for lenders to increase existing Paycheck Protection Program loans to partnerships and seasonal employers.
The US Small Business Administration issued guidance stating that businesses that together with their affiliates accepted Paycheck Protection Program loans totaling less than $2 million will be assumed to have certified their loans in good faith.
The number of small businesses receiving Paycheck Protection Program loans can be linked to the number that had bank financing before the pandemic, data from the Federal Reserve Bank of New York shows.
The AICPA joined with other organizations that advocate for small businesses to urge the US Small Business Administration to provide clarity related to Paycheck Protection Program funds.
Revenue declines are chief on the minds of finance professionals in an April survey. More than half of finance professionals expect business operations to return to normal in the fourth quarter or later.
The safe-harbor period for returning Paycheck Protection Program funds has been extended through May 14 by the US Small Business Administration.
Responding to the coronavirus pandemic, the SEC said it has temporarily amended rules to provide established smaller companies with opportunities to meet their urgent funding needs through Regulation Crowdfunding.
The SBA announced that agricultural businesses are now eligible for the EIDL and EIDL Advance programs.
Paycheck Protection Program recipients calculating loan forgiveness reductions do not have to factor in laid-off employees who decline a good-faith, written offer to be rehired for the same job, pay and hours.
From 4 p.m. until midnight ET, the application window will be open exclusively to lenders with less than $1 billion in assets.
The AICPA issued a series of recommendations it would like to see the U.S. Small Business Administration adopt and issue as guidance for small businesses to use in calculating loan forgiveness under the Paycheck Protection Program (PPP).
Treasury and the U.S. Small Business Administration said they will no longer accept Paycheck Protection Program (PPP) loan applications prepared by robotic process automation (RPA) systems.
The AICPA, citing a continuing need for short-term liquidity in the marketplace, recommended the creation of a federally backed lending facility that would provide loans to small businesses that pledge their future receivables.