Small Business

House Democratic Leadership Releases COVID-19 Fourth Stimulus Package The U.S. House of Representatives Democratic leadership unveiled the COVID-19 fourth stimulus package. The House is expecting to vote on the package on Friday. The bill also makes changes to the Paycheck Protection Program (PPP), including expansions to the types of organizations that are eligible for the…

SBA Cuts EIDLs and Blocks New Applications The Washington Post reported that the U.S. Small Business Administration (SBA) is decreasing the loan limit for the Economic Injury Disaster Loan (EIDL) program from $2 million to $150,000 for small businesses and is blocking new applications due to the programs popularity. Congress recently replenished the EIDL program,…

Senator Cardin Sits Down to Discuss PPP Senator Ben Cardin (D-MD), the ranking democrat on the Senate Committee on Small Business and Entrepreneurship, joined Politico’s chief economic correspondent, Ben White, to discuss the Paycheck Protection Program (PPP). The COVID-19 pandemic has presented unprecedented challenges to Americans. Over the past few weeks, many small business owners…

IRS Issued PPP Guidance Creates Upset Amongst Lawmakers Last week the Internal Revenue Service (IRS) issued guidance on the Paycheck Protection Program (PPP) that would prevent businesses from deducting expenses like rent and wages that are covered with the loans from the PPP. The IRS interpretation is the opposite of how Congressional lawmakers intended it.…

SBA Administrator and Treasury Secretary Joint Statement on PPP H.R. 266, the Paycheck Protection Program and Healthcare Enhancement Act, provides an additional $321 billion for the Paycheck Protection Program (PPP). The U.S. Small Business Administration (SBA) and U.S. Department of Treasury have been working together on the roll out of the program. SBA Administrator Jovita…

U.S. Senators Send Letter in Endorsing Expanding PPP Eligibility A bipartisan group of U.S. Senators sent a letter to Republican Leader Mitch McConnell (R-KY), Minority Leader Chuck Schumer (D-NY) , Senator Marco Rubio (R-FL), and Senator Ben Cardin (D-MD), urging consideration of 501(c)(6) organizations to be eligible for the Paycheck Protection Program (PPP). The PPP,…

President Trump Signs Latest COVID19 Relief into Law President Trump signed H.R. 266, the Paycheck Protection Program and Healthcare Enhancement Act, into law. The $484 billion relief bill includes funding for the Paycheck Protection Program (PPP),  Economic Injury Disaster Loan (EIDL) Program, hospitals, and testing. The $350 billion PPP established under the Coronavirus Aid, Relief,…

SBA Administrator and Treasury Secretary Joint Statement on PPP Today, President Trump signed into law H.R. 266, the Paycheck Protection Program and Healthcare Enhancement Act. The bill provides an additional $321 billion for the Paycheck Protection Program (PPP). The U.S. Small Business Administration (SBA) and U.S. Department of Treasury have been working together to provide…

Updated Paycheck Protection Program FAQ Sheet 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 Administration has produced an updated Paycheck Protection Program FAQ Sheet: The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends…

U.S. House Small Business Committee Hearing on Coronavirus Economic Relief This morning, the U.S. House of Representatives Committee on Small Business convened for a hearing titled, “Member Day Hearing on COVID-19 Response and Recovery: Committee on Small Business.” Members of Congress testified before the committee on their feedback, concerns, and priorities regarding the Paycheck Protection Program (PPP)…