The House tonight approved by unanimous consent legislation extending authorization for the Small Business Administration’s Paycheck Protection Program through August 8, 2020.
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With the Small Business Administration’s Paycheck Protection Program officially winding down tonight, Treasury Secretary Steven Mnuchin told the House Financial Services Committee today that the administration is working with lawmakers to repurpose the $135 billion of funding still left in the program.
Lenders nationwide had made approximately 4.7 million Paycheck Protection Program loans totaling $515 billion as of Saturday, the Small Business Administration reported today.
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.
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 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.
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.
The Small Business Administration tonight issued an update to lenders clarifying that the maturity of all Paycheck Protection Program loans approved on or after June 5, 2020 will be for five years in accordance with the recently enacted PPP flexibility law.
As of June 6, more than 4.5 million Paycheck Protection Program loans had been made, totaling $511 billion over two rounds of funding, according to new data released by the Small Business Administration.