Small Business

House Committees Schedule Markups on Key Automotive Legislation The U.S. House of Representatives just passed S. 4116, a bill that extends the Paycheck Protection Program (PPP) application period to August 8, 2020. The U.S. Senate passed the bill last night under unanimous consent. The bill will be sent to President Trump’s desk to be signed…

House Committees Schedule Markups on Key Automotive Legislation The U.S. House Committee on Small Business convened a hearing entitled, “The Economic Injury Disaster Loan Program: Status Update from the Administration.” Per the hearing notice from the committee, Mr. Rivera is responsible for the implementation of the Economic Injury Disaster Loan (EIDL) program, and the hearing…

House Committees Schedule Markups on Key Automotive Legislation Last night, the U.S. Senate passed a bill extending the Paycheck Protection Program (PPP) until August 8, 2020 under unanimous consent. The passage of the bill comes hours just before deadline for applications closed at midnight June 30, 2020. Per Politico, Senators had agreed that small businesses…

SBA and Treasury Announce New and Revised Guidance Regarding the PPP Per the U.S. Small Business Administration: The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP).  This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law…

House Committees Schedule Markups on Key Automotive Legislation Yesterday, the House Small Business Committee Chairwoman Nydia M. Velázquez (D-NY) and Ranking Member Steve Chabot (R-OH) led a bipartisan group of Committee members in a letter to the Small Business Administration (SBA) asking for information regarding issues borrowers have faced with the Economic Injury Disaster Loan (EIDL) Program.…

House Committees Schedule Markups on Key Automotive Legislation President Trump just signed H.R. 7010, the Paycheck Protection Program (PPP) Flexibility Act, into law. The bipartisan bill introduced by Congressman Chip Roy (R-TX) and Congressman Dean Phillips (D-MN) passed the U.S. House of Representatives last week on a 417-1 vote. The U.S. Senate passed the bill…

House Committees Schedule Markups on Key Automotive Legislation The Trump Administration continues to update and provide additional information and resources with regard to the Coronavirus Aid, Relief, and Economic Security (CARES) Act. The U.S. Department of the Treasury and the U.S. Small Business Administration released additional guidance regarding the Paycheck Protection Program: Assistance for Small…

House Committees Schedule Markups on Key Automotive Legislation The U.S. Small Business Administration (SBA) and U.S. Department of Treasury released an interim final rule on Temporary Changes to the Business Loan Program under the Paycheck Protection Program (PPP). The interim rule provides borrowers and lenders guidance on requirements governing the forgiveness of PPP loans. “This…

House Committees Schedule Markups on Key Automotive Legislation Today, the U.S. House of Representatives passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020, 417 – 1. The bipartisan bill was introduced by Congressman Chip Roy (R-TX) and Congressman Dean Phillips (D-MN). The Paycheck Protection Program (PPP), first established in the Coronavirus Aid, Relief,…

House Committees Schedule Markups on Key Automotive Legislation Per the U.S. Small Business Administration: The Small Business Administration (SBA), in consultation with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. The form and instructions inform borrowers how to apply for forgiveness of their…