The Small Business Administration last night issued a procedural notice to lenders regarding the extension of the Paycheck Protection Program.
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President Biden today signed into law H.R. 1799, a bill extending the Small Business Administration’s Paycheck Protection Program.
Small businesses owned by older entrepreneurs—those over the age of 45—have been particularly affected by the COVID-19 pandemic, compared to those owned by younger entrepreneurs, according to a new survey from the Federal Reserve Bank of New York and AARP published today.
With many banks continuing to receive hold codes and compliance check error messages when submitting first- and second-draw Paycheck Protection Program loan applications, the Small Business Administration today issued a second procedural notice with new instructions for lenders to clear these codes and move applications forward.
Testifying before the Senate Banking Committee today Treasury Secretary Janet Yellen told the committee that she supports an extension of the Small Business Administration’s Paycheck Protection Program, saying that “the economy is not in a place where small businesses that have been affected are able to thrive.”
Testifying before the House Financial Services Committee today, Treasury Secretary Janet Yellen highlighted recent changes to the Small Business Administration’s Paycheck Protection Program that will allow more small businesses, especially in rural and low income areas, access to the funds.
The Small Business Administration has issued several updated forms for Paycheck Protection Program borrowers and lenders, reflecting changes announced in an interim final rule earlier this week.
The Small Business Administration yesterday issued an interim final rule implementing changes to the Paycheck Protection Program that were included in the most recent COVID-19 relief bill, which took effect earlier this month. The IFR will take effect upon publication in the Federal Register.
Five lessons from past Paycheck Protection Program fraud are reshaping how banks process PPP loans and forgiveness