Yesterday, President Biden signed into law the American Rescue Plan (H.R. 1319), a $1.9 trillion COVID-19 relief package that Congress approved this week. On Wednesday, the House of Representatives approved the Senate-passed version of the bill by a vote of 220 to 211, with one Democrat joining all Republicans in voting against it. Rep. Jared […]
PPP loans have been reopened with an infusion of $284 billion for First Draw and Second Draw loans. First Draw loan applications will be accepted from January 11, 2021 to March 31, 2021. Second Draw applications begin January 13, 2021, until March 31, 2021. To promote access for smaller lenders and their customers, SBA will […]
Leaders of both parties inched closer on Thursday to agreement on a COVID-19 stimulus package. The package would include more funding for PPP loans, allow a second loan draw for hard-hit small businesses and streamline forgiveness for loans of $150,000 or less. In addition, the measure is expected to include some level of direct payments […]
On October 7, the SBA released updated FAQs (question #52) to clarify that lenders must recognize the extended deferral period for payments on the principal, interest, and fees on all PPP loans, even if the initial loan terms indicates a six-month deferral (the initial period when the program was first enacted). Under the Paycheck Protection […]
Bipartisan legislation to help entrepreneurs and startups navigate the economic perils of COVID-19, has been introduced in the U.S. House of Representatives. The bill, the IGNITE American Innovation Act (H.R. 7917), introduced by Reps. Dean Phillips (D-MN) and Jackie Walorski (R-IN), will allow many small companies that have not benefited from CARES Act relief to […]
Earlier this week, Senate Majority Leader Mitch McConnell released the Republican version of a fourth COVID-19 package (or as some say, a second round of a CARES Act stimulus bill). The bill, titled the Health, Economic Assistance, Liability Protection, and Schools (HEALS) Act is actually a collection of bills. Highlights include another round of $1200 […]
By Brandon Allfrey, Partner, Squire, Brandona@squire.com Late Wednesday evening, the U.S Senate passed by unanimous consent the Paycheck Protection Program Flexibility Act of 2020 to ease some of the original rules of the PPP application and forgiveness rules from the CARES Act and the subsequent guidance from the Treasury Department. The details of the Act did not change from the […]
On Tuesday, March 24, 2020, Governor Herbert unveiled the state economic response plan entitled, “Utah Leads Together”. The Plan is an attempt to balance public health imperatives with economic needs. The goal is to provide Utah businesses and residents with clarity and specifics about Utah’s plan for a health and economic recovery. The plan identifies […]
Washington Post – The Senate is aiming to vote Wednesday on a $2 trillion stimulus package that is designed to flood the U.S. economy with money in an effort to stabilize households and businesses that have been floored by the coronavirus outbreak, according to an article published in the Washington Post. But Senate leaders were still working […]