The Small Business Administration today released a three-page “EZ” Paycheck Protection Program loan forgiveness application requiring less documentation and fewer calculations than previously required.
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After officially opening the Main Street Lending Program for lender registration yesterday, Federal Reserve Chairman Jerome Powell said its corresponding Main Street Lending Facility will begin receiving MSLP loans “within a week or so.”
Lenders may now register for the Federal Reserve’s Main Street Lender Program, the Boston Fed announced today, adding that lenders “are encouraged to begin making Main Street program loans immediately.”
A bipartisan group of senators on Friday wrote to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza calling for a more streamlined Paycheck Protection Program forgiveness application process for small firms.
The Small Business Administration tonight released new borrower and lender guaranty application forms for the Paycheck Protection Program to reflect expanded eligibility for applicants with prior felony convictions.
The coronavirus pandemic poses “acute risks” to the survival of many of the nation’s small businesses, the Federal Reserve said today in its semiannual monetary policy report.
“In less than two months, the PPP is supporting the employment of apprimately 50 million workers.”—Treasury Secretary Steven Mnuchin
As expected, the Small Business Administration and Treasury Department late last night released an interim final rule to reflect changes made by H.R. 7010, the Paycheck Protection Program Flexibility Act.
During a Senate Small Business Committee hearing today, Treasury Secretary Steven Mnuchin confirmed that, pursuant to the Paycheck Protection Program flexibility law passed last week, borrowers that use less than 60% of their PPP loan amount for payroll costs during the forgiveness covered period will still be eligible for partial loan forgiveness.
In a matter of days, bankers rallied to deliver hundreds of billions of dollars in loans to support Americans’ jobs amid the coronavirus pandemic. The stakes: the survival of the small business economy on which every bank and community relies.