On October 8, 2020, the Small Business Administration (“SBA”) announced that they were making applying for forgiveness for Paycheck Protection Program loans (the “PPP”) easier for some borrowers. The PPP program itself had two rounds of funding, including $310 billion added at the end of April. Now, borrowers who borrowed $50,000 or less in
The COVID-19 Relief Pennsylvania Small Business Assistance Program is not brand new. Initially, it was anticipated to have four rounds of grants lasting until October 2020. The CARES Act passed in late March is providing the funding. $96 million has already been distributed with about $104 million remaining for small businesses.
However, like everything else
Since March, various entities and political subdivisions have created loan and grant programs to assist businesses and individuals facing COVID-19 related losses and damages. We have discussed in prior blogs a series of larger programs, such as the Paycheck Protection Program. However, this post focuses on funding opportunities for farmers and ranchers.
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: