The Small Business Administration over the weekend updated its Paycheck Protection Program FAQs and calculation guidance documents to reflect new options available to Schedule C-filing PPP applicants, including self-employed individuals, sole proprietors and independent contractors, to use gross income to calculate their loan amount.
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The Small Business Administration has just issued an interim final rule implementing recent changes to the Paycheck Protection Program.
With the Paycheck Protection Program set to close at the end of March, the American Bankers Association today launched a multi-state radio advertising campaign encouraging eligible small businesses still struggling financially from the pandemic to reach out to banks in their area for a Paycheck Protection Program loan.
The Small Business Administration tonight issued an updated procedural notice regarding the reporting process through while lenders report on Paycheck Protection Program loans and collect processing fees.
The Internal Revenue Service this week instructed lenders that had, in accordance with previous Small Business Administration guidance, filed or furnished to borrowers form 1099-MISC for subsidies paid by the SBA to file and furnish corrected forms that exclude these subsidized loan payments.
The Small Business Administration on Saturday updated its set of frequently asked questions on the Paycheck Protection Program.
The Small Business Administration announced today that the Paycheck Protection Program will officially reopen on Monday, Jan. 11, only to community development financial institutions, minority-depository institutions, certified development corporations and microloan intermediaries making first-draw PPP loans.
Small businesses are exploring online lending, with 44% saying they looked into the option in the past year and 25% procuring an online loan during that time, according to the JPMorgan Chase Business Leaders Outlook survey released yesterday.