This blog post will cover a couple of updates to the Paycheck Protection Program (the “PPP”) since it launched in April. In the past month, more details have emerged about applying for loan forgiveness as well as the audit risk, disclosure of some PPP recipients, and application deadline.
On July
The Commonwealth of Pennsylvania received $3.9 billion in aid from the federal CARES Act for the coronavirus pandemic. In May, the Pennsylvania General Assembly directed $175 million of that aid to the Pennsylvania Housing Finance Agency (PHFA) to provide help to renters and homeowners struggling to make ends meet. Of that $175 million, $150 million
Phase 2 of the Lancaster Small Business Recovery & Sustainability Fund opens on Monday, July 20, 2020 at 8:00 a.m. and will remain open until Friday, July 24, 2020 at 5:00 p.m. Recovery Lancaster is a grant program that is not awarded on a first-come, first-serve basis. The Phase 2 funding cycle consists of $14,962,092
COVID-19-related laws and regulations continue to remain a moving target. The President signed into law the Paycheck Protection Program Flexibility Act (the “Act”) on June 5, 2020, and we posted the highlights on June 9, 2020. A mere ten days after the passage of that Act, things have already changed, largely due to the U.S.
The popular Paycheck Protection Program (the “PPP”) created by the CARES Act is coming to an end. Time is running out to take advantage of this program. The upcoming deadline to apply for a PPP loan is June 30, 2020. However, many banks are requiring applicants to submit their application prior to the June 30
More small business relief has arrived! On Monday, June 8, 2020, Governor Wolf announced additional relief for small businesses in Pennsylvania. The relief funding consists of $225 million of the $4 billion provided to the Commonwealth through the CARES Act. In addition, the Lancaster County Small Business Recovery and Sustainability Fund is also launching grants
On June 3, 2020, the U.S. Senate passed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020 (the “Act”). President Trump then signed it into law 2 days later. The Act makes significant changes and updates to the Paycheck Protection Program (the “PPP”).
Such changes include, but are not limited to:
On April 24, 2020, the House of Representatives signed the Paycheck Protection Program and Health Care Enhancement Act (the “PPP and HCE Act” or “Act”) into law. Here are some highlights regarding this new $484 billion Act.
The PPP and HCE Act includes $310 billion in additional funding for
The Lancaster Small Business Emergency Fund is a new fund composed of grants and loans designed to provide COVID-19 relief to small businesses located in the City of Lancaster. There is $1.45 million available in the fund, with $200,000 of that available as grants. The fund will offer the remaining amount as low interest and
On April 10, 2020, the GIANT Company and Team Pennsylvania, announced a $250,000 emergency grant program for companies in the food supply chain. The program will support farms, processors, and other small food businesses that are impacted by COVID-19.
If you are interested, the deadline is short, so you must complete the application quickly.