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Loftness Adds Lightweight Mulching Head For Compact Excavators
Jessica Schwartz
Applications Reopen For New PPP Funding/Michigan Allows Lawn Work
Applications are being accepted again today for the Paycheck Protection Program (PPP) after the initial $349 billion of funding was exhausted in less than two weeks. On Friday, another $310 billion was added to the PPP program, including $60 billion set aside specifically for small lenders. But many fear this new influx of money will also run short with the hundreds of thousands of applications still pending. “These additional funds will provide badly needed relief for more small businesses on the brink of closure,” said Suzanne Clark, President, U.S. Chamber of Commerce. “Unfortunately, we anticipate these new funds will be exhausted quickly. Congress must start working now on bipartisan solutions to ensure these programs do not lapse again. Small businesses and the families and communities they support are counting on these critical relief programs to help them survive the economic shutdown and get on the path to recovery.” One in four small businesses are on the brink of permanent closure, according to the Small Business Coronavirus Impact Poll released by the Chamber and MetLife. When asked what proposals might offer the most relief, 56% of small business reported direct cash payments to Americans would be the most helpful form of aid from the government, 30% said loans and financial aid, and 21% indicated suspending payroll taxes. In a letter today to Treasury Secretary Steven Mnuchin and Small Business Administrator Jovita Carranza, 2o Democratic and two Independent Senators “urged the Trump administration to publicly disclose the measures it will put in ...
Getting An SBA Economic Injury Disaster Loan (EIDL)
Update On Thursday, April 16, 2020, the SBA announced a lapse in appropriations for the EIDL program related to COVID-19. From its website: “SBA is unable to accept new applications at this time for the Economic Injury Disaster Loan (EIDL)-COVID-19 related assistance program (including EIDL Advances) based on available appropriations funding. Applicants who have already submitted their applications will continue to be processed on a first-come, first-served basis.” ——— Signed into law on March 6, the Coronavirus Preparedness and Response Supplemental Appropriations Act (CARES) expands the U.S. Small Business Administration’s (SBA) existing Economic Injury Disaster Loans, or EIDL program, to offer $7 billion in loans to small businesses impacted by COVID-19. The U.S. Chamber of Commerce offers the following guidance on the loan. General parameters for eligibility include: businesses with fewer than 500 employees; sole proprietors; independent contractors; cooperatives, ESOPs, and tribal small businesses; and most private non-profits. These loans may be used by small businesses to pay fixed debts, payroll, accounts payable, and additional bills that can’t be paid because of COVID-19’s impact. To provide immediate relief, SBA offers a $10,000 emergency grant designed to be available within three days of applying. (It should be noted: according to articles from Fast Company and The Wall Street Journal published April 7 and 8 respectively, of those who applied early last week when the application went live, many are still awaiting funds.) There is no obligation to repay the grant and it is not necessary to have an approved EIDL loan. ...
PPP (Paycheck Protection Program) Loans For Small Businesses Affected By Pandemic
Last week, the U.S. Small Business Administration (SBA) launched the Paycheck Protection Program, or PPP, a $349 billion emergency loan program created as part of the Coronavirus Aid, Relief, and Economic Security Act (CARES). The PPP provides forgivable loans up to $10 million to small businesses left financially distressed by the COVID-19 pandemic and are administered at the local level by a national network of banks and credit unions. To find a lender, click here. The loans, which are 100% backed by SBA, are being provided to small businesses without collateral requirements, personal guarantees, SBA fees, or credit elsewhere tests. Those eligible for the program include small businesses with fewer than 500 employees, self-employed individuals, independent contractors, certain non-profits, veterans’ organizations, and other businesses meeting size standards based on their North American Industry Classification System code. The PPP will be available through June 30, 2020, though the government is advising borrowers to apply as soon as possible due to a loan cap. (As of this writing, the PPP loan commitments reportedly already exceed the available funds by 10%, according to the U.S. Chamber Of Commerce. On the same day, President Trump addressed the issue at a briefing with members of the White House Coronavirus Task Force and said he is asking Congress to provide an additional $250 billion for the PPP, reported the USCOC.) “We urge every struggling small business to take advantage of this unprecedented federal resource – their viability is critically important to their employees, their community, and ...
