Saturday, 06 June, 2020


Forgivable loans for small businesses affected by COVID-19 available Friday

7 ways the CARES Act could hurt restaurants Forgivable loans for small businesses affected by COVID-19 available Friday
Melba Vasquez | 03 April, 2020, 21:54

"That's why we are working to make it as easy as possible for even the smallest businesses to apply for additional funding with the launch of the Michigan Paycheck Protection Program website".

Millions of small businesses are expected to apply for these desperately needed resaid scue loans from the $349 billion Paycheck Protection Program, which was put in place to help them retain workers and pay bills during the coronavirus pandemic.

A $350 billion small business bailout, a vital fiscal lifeline for millions of enterprises facing certain doom at the hands of coronavirus-inspired lockdowns, may be dead on arrival due to fears of banks doing the lending.

The program will be available retroactive to February 15, according to the SBA.

Some large lenders like Wells Fargo, Huntington Bank and Bank of America have said they're ready to go. "The money will start to go out the door once these applications are processed over the next short period of time". "While we are grateful for the efforts by Congress and the agencies charged with implementation, we share the frustration of small businesses who are suffering under the consequences of a deadly virus". After Stein explained to him where to find it, the representative told Stein the bank wasn't accepting applications and that he should keep checking his online account for guidance in the coming hours and days, Stein said.

Businesses can get a $10,000 emergency grant that does not have to be repaid. It is a major piece of the Coronavirus Aid, Relief and Economic Security (CARES) Act signed into law by President Donald Trump last week.

The program allows companies to borrow 2.5 times their average monthly payroll, up to $10 million, but neither firms nor lenders knew exactly how that would be calculated.

The loans are created to provide a direct incentive for small businesses to keep their workers on payroll and may be forgiven if all employees are kept on payroll for eight weeks and the money is used for payroll, rent, mortgage interest or utilities.

While Congress could approve more money later on, the program as it stands is expected to run out quickly.

But for now, business owners who wait or have problems filing their applications might lose out to larger applicants, said Veronique de Rugy, a research fellow at George Mason University.

Some banking officials have warned that the abbreviated review process ― which allows borrowers to attest to their own eligibility without the government's approval ― will make the program a magnet for fraud.

Lt. Gov. Garlin Gilchrist and former Lt. Gov. Brian Calley, the current Small Business Association of MI president, have launched a new website to provide businesses with key resources to assist with the PPP application and loan processes to ensure the greatest amount of federal funding is able to be used by small businesses for economic relief throughout the state, according to an April 3 news release.

Then on Tuesday, the Treasury released a two-page document that appeared to contradict several items the banks thought they had agreed, leaving lenders on the hook for verifying the loans.

All businesses - including nonprofits, veteran's organizations, Tribal business concerns, sole proprietorships, self-employed individuals, and independent contractors - with 500 or fewer employees can apply.

Banks have been scrambling to prepare for overwhelming demand for the loans while awaiting guidance from the government.

Recommended

loading...
...

Iran: Top General Says Closely Monitoring US Military Moves In Region Iran: Top General Says Closely Monitoring US Military Moves In Region America has repeatedly offered humanitarian assistance to Iran, but Iranian leaders have rebuffed the offers. Iran has been hit hard by the CCP (Chinese Communist Party) virus , commonly known as the novel coronavirus.

Deepika Padukone STEALS Ranveer Singh’s favourite thing, read for more details Deepika Padukone STEALS Ranveer Singh’s favourite thing, read for more details In the most recent post, Ranveer posted a photograph of Deepika indulging in a jar of Nutella, which had the label 'Khilji on it. Prime Minister Narendra Modi has announced 21-days of complete lockdown till April 14 in order to combat pandemic COVID-19.

Jennifer Aniston & Kimmel surprise COVID-19 positive nurse with $10K from PostMates Jennifer Aniston & Kimmel surprise COVID-19 positive nurse with $10K from PostMates Jennifer says, "The most challenging thing is watching news and trying to digest what's going on out there". The nurse, Kimball Fairbanks , found out she tested positive for coronavirus earlier this week.

Coronavirus: deaths rise by 760 - English Coronavirus: deaths rise by 760 - English Bergamo mayor Giorgio Gori told the Journal he estimates that one-third of the city's 120,000 people have been infected. After a small decline the number of deaths in Italy again increased a bit in connection with the virus outbreak.

Prime Minister Morrison Says Australia Is Slowing COVID-19 Spread Prime Minister Morrison Says Australia Is Slowing COVID-19 Spread It will be months, we need to make changes that we can live with and that we can implement, day after day, week after week, month after month".

Premier League Season Suspended Indefinitely After Friday Meeting Premier League Season Suspended Indefinitely After Friday Meeting Knight said the Premier League should be "role modelling a responsible approach" along the lines of European rivals. A further £20m will be committed to the NHS , and others left vulnerable by the pandemic.

COVID-19 Stimulus Checks: Do Social Security Recipients Qualify? COVID-19 Stimulus Checks: Do Social Security Recipients Qualify? If a single filer's income is more than $99,000, he or she is not eligible ($198,000 for joint filers with no children). When will you get a check? Payments will be distributed automatically, with no action required for most people.

Diabetes, lung and heart disease common in US coronavirus patients - CDC Diabetes, lung and heart disease common in US  coronavirus patients - CDC A 58-year-old woman attended a singing class on 27 February, and was exposed to a patient with confirmed COVID-19. Both women developed COVID-19 symptoms a few days later.

HBO offers hundreds of hours of free programming HBO offers hundreds of hours of free programming If you've already made your way through every halfway decent show on Netflix , don't worry, HBO has got your back. HBO subscribers can catch several series premieres in April.

Donald Trump Won't Reopen Obamacare Enrollment For Uninsured Donald Trump Won't Reopen Obamacare Enrollment For Uninsured Because Mike was able to speak for five minutes and not even touch your question. I don't think the other group will get to it.

Jadeveon Clowney Drops Asking Price Below $20M Per Year Jadeveon Clowney Drops Asking Price Below $20M Per Year Those seven sacks were a career-high, but after that eighth game, he didn't post another sack for the rest of the season. Seattle also re-signed defensive tackle Jarran Reed , who had 10.5 sacks in 2018 and only two in 10 games last season.

OnePlus 8 Pro leak reveals Ultramarine blue and other variants OnePlus 8 Pro leak reveals Ultramarine blue and other variants For years, Oppo has been experimenting with the designs of its smartphones be it rotating cameras, pop-up modules, and sliding ... Also, the phone will have an attractive look with a slightly curved body design and the phone will not have any headphone jack.

Trump says administration "hit 3M hard" over face masks Trump says administration N-95 face masks made by 3M and other companies are in short supply among healthcare workers treating coronavirus patients. CEO Mike Roman said earlier this week the company is on track to double global production of the N95 to 2 billion a year.

University Of Pittsburgh Scientists Create Potential Coronavirus Vaccine University Of Pittsburgh Scientists Create Potential Coronavirus Vaccine Moderna Inc is the most publicly known facility closest to humans, announcing plans to launch a trial in Seattle last month. Once this new type of COVID-19 vaccine is approved by the FDA, they will be ready to mass-produce it.

Google data shines light on whether coronavirus lockdowns worldwide are working Google data shines light on whether coronavirus lockdowns worldwide are working Google says that, in the coming weeks, it will add additional countries and regions to these reports. At launch, some countries will also have state, province or regional-level insights.