Without any public notice, a federal business disaster loan program has been capped at $150,000 and limited to farmers and agriculture businesses, according to The Washington Post. The Small Business Administration’s (SBA) Economic Injury Disaster Loan (EIDL) program, once an emergency source of funding, is...
One week. That’s how much time Paycheck Protection Program (PPP) loan recipients have to return their loan if they can’t meet the updated rules from the U.S. Treasury Department. On April 23, Treasury provided the latest guidance for the Small Business Administration (SBA) PPP initiative crafted...
Colleges suffering from lost revenues during the pandemic may have a better chance now as clarifications to the Paycheck Protection Program’s (PPP) rules say these institutions can exclude work-study students from their final counts of employees, according to Bloomberg. In doing this, many colleges will...
It’s a fact that it’s a lot of money, but disbursing hundreds of billions of dollars for the Payroll Protection Program (PPP) has been overly fraught since day one. Business owners remain fuzzy on basic details like how many employees they can have to qualify,...
The Paycheck Protection Program (PPP) was intended to extend forgivable loans to businesses struggling to pay workers and stay afloat amid the coronavirus pandemic. Instead, small businesses in areas less affected by the crisis — like the midwest — are getting a disproportionately higher number...
MYbank, the online lending program of billionaire Jack Ma, is facing a serious test as the Chinese economy reels from the effects of the coronavirus, according to a Bloomberg report. The program is seeing strains and is on the verge of running out of money....
Banks in the U.S. have extended over $500 billion in loans to small and medium-sized businesses (SMBs) affected by the COVID-19 pandemic. The Small Business Administration (SBA) and the Treasury Department said there is roughly $145 billion left in the fund, according to a Reuters...
As the coronavirus took hold of the economy, banks in the U.S. tightened standards on loans for both companies and individuals, according to the April Senior Loan Officer Opinion Survey on Bank Lending Practices, published Monday (May 4). The stricter standards came as the banks...
As small businesses try to beat the odds to get a piece of the latest round of first-come, first-served Paycheck Protection Program (PPP) money, $175 billion worth is already out the door. CNN reported that the Trump administration said on Sunday (May 3) that 2.2...
