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Tag: Travis Miskowitz

SBA Releases Paycheck Protection Program Loan Forgiveness Application

By Travis Miskowitz On Friday May 15th, the Small Business Administration released the long-awaited Paycheck Protection Program (“PPP”) loan forgiveness application.  The forgiveness application includes detailed instructions for borrowers to calculate their eligible costs and determine the amount of PPP loan forgiveness. The form provides more guidance than previously available, but still not as clear as we’d hoped.  There are still unanswered questions and we anticipate additional...

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SBA Clarifies Safe Harbor Status for Loans Under $2 Million

By Travis Miskowitz  On 5/13/2020, the SBA issued FAQ 46 which grants Safe Harbor status to all loans under $2MM. Small businesses received a welcome update today via SBA FAQ 46 which states that businesses, including their affiliates, that accepted Paycheck Protection Program loans of $2 million or less, will be assumed to have performed the required certification in good faith. The PPP application requires small business owners to certify in good faith that “current economic uncertainty...

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Are You Applying For the PPP in Good Faith? How to Document Your PPP Loan Application Decision

By Travis Miskowitz One important aspect of applying for a PPP loan is certifying in good faith that your loan request is necessary. The PPP application asks you whether “current economic uncertainty makes your loan request necessary to support your ongoing operations.” We have put together this list of considerations to help you assess in good faith and officially justify your need for this emergency funding. Read this today to ensure your business has made an informed decision...

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Do You Need to Return Your PPP Loan? SBA Clarifies Eligibility Guidance Through FAQ Update

By Travis Miskowitz Update: As of Wednesday, May 6, the safe-harbor deadline for returning PPP funds has been extended to May 14. Complete the application, provide supporting documentation, and you should be well on your way to a forgivable loan. All the better since you must spend the money on payroll costs in order to receive forgiveness. It is called Paycheck Protection after all, right? Not so fast according to recent updates published by the SBA. The SBA has recently issued...

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The Path to PPP Loan Forgiveness: Start Preparing Right Away

Update: On Friday, May 15th, the SBA released the application for Paycheck Protection Program Loan forgiveness. Please see this article, which highlights key elements and guidance to the application process. By Travis Miskowitz Paycheck Protection Program (PPP) loans are designed to be forgiven, but it doesn’t happen automatically. It’s best to get a plan in place to work toward maximum forgiveness as soon as you receive your PPP loan. The SBA is expected to issue additional guidance...

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Congress Agrees to Additional Funding for Small Businesses

By Travis Miskowitz This is a developing story and information contained in this article is subject to change. We will continue to provide updates as new information becomes available. Congress has agreed upon a Bi-Partisan deal to provide an additional $484 billion in funding for small businesses, hospitals, and coronavirus testing. The Senate and House are expected to quickly approve the bill with the backing of the White House. The bill is expected to be signed into law as early...

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SBA Curtails Acceptance of EIDL Applications

By Travis Miskowitz The SBA  just announced they are unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis. Due to incredibly high demand, the SBA had recently amended some key benefits of the EIDL Loan program. With millions...

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Updated PPP Guidance: Self-Employed Business Owners and Partnerships

By Travis Miskowitz Paycheck Protection Program Updates – April 14, 2020 NOTE: As of April 16, 2020 the SBA is advising applicants that funds for the PPP loan program have been exhausted. Congress is currently negotiating and working to infuse an additional $250 billion into the program. This guidance is applicable when the SBA begins accepting applications again. We will continue to provide updates as more information becomes available. On April 14, 2020 the U.S. Small business...

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Main Street Lending Program

By Travis Miskowitz The Federal Reserve announced this week the creation of the Main Street Lending Program, a new lending program to help small to midsize firms that need access to cash because of the coronavirus pandemic. The central bank has allocated $600 billion to the Program, and funds will be made available through two lending facilities, the Main Street New Loan Facility (MSNLF) and the Main Street Expanded Loan Facility (MSELF). The Federal Reserve is currently accepting...

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SBA Preps Banks for Mobilizing Around PPP Applications, Provides Further Clarity Regarding Parameters

By Travis Miskowitz Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin yesterday announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need. The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program...

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