When the first round of forgivable Paycheck Protection Program (PPP) loans became available April 3, the funds ran out within days. When the second round was released on April 27, demand had fizzled to a point where there is still $150 billion up for grabs. Demand...
The self-employed might regret getting one of the Paycheck Protection Program (PPP) loans from the Small Business Administration (SBA). CNBC reported these independent contractors who borrowed from the PPP face the prospect of not getting the balance forgiven. Under the terms of the CARES Act,...
New York’s Metropolitan Transit Authority (MTA) is seeking permission to borrow from the Federal Reserve’s $500 billion Municipal Liquidity Facility (MLF) due to coronavirus-related troubles, Bloomberg reported. The agency’s idea is that more funding will help to restore transportation services to normal, thus spurring on...
The U.S. Senate is on track to pass legislation that would double the time small- to medium-sized businesses (SMBs) have to use Paycheck Protection Program (PPP) loans, according to a Reuters report. The PPP, crafted by Congress to help SMBs survive the financial losses of...
The time is almost up for people who got mortgage forbearance under the CARES Act, but banks can’t predict how many will default of the $150 billion in loans currently on ice, according to a Bloomberg report on Wednesday (May 20). In order to avoid...
A bipartisan proposal to improve the terms of the Small Business Administration’s Paycheck Protection Program (PPP) is expected to face a House vote next week. The measure would make the popular forgivable loan program more flexible and extend the timeline for using the money, House...
Businesses struggling to stay afloat amid the coronavirus pandemic but shut out of stimulus programs could see renewed relief as Speaker Nancy Pelosi (D-Calif.) and the House move to rework the Paycheck Protection Program (PPP). The strict conditions of the forgivable PPP loans ended up...
In the most contentious moments of the Senate Banking Committee’s inquiry into the $2 trillion CARES Act on Tuesday (May 19), Sen. Elizabeth Warren clashed with Treasury Secretary Steven Mnuchin over the Paycheck Protection Program (PPP). “You’re in charge of half a trillion dollars, you’re...
It’s no secret that the federal Paycheck Protection Program (PPP) has had a rocky few weeks since initially launching in early April. There were the initial questions of just who was eligible, lenders had trouble handling loan requests and then the first tranche of $349...
