The Federal Reserve today announced several adjustments to the Main Street Lending Program intended to facilitate participation by more small and midsize businesses.
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The Small Business Administration and the Treasury Department signaled today that they will promptly issue rules and guidance implementing the new Paycheck Protection Program flexibility law that was signed by President Trump on Friday.
A group of House Republicans—led by Reps. Andy Barr (R-Ky.) and French Hill (R-Ark.)—wrote to Treasury Secretary Steven Mnuchin and Small Business Administration Administrator Jovita Carranza yesterday urging them to simplify the process Paycheck Protection Program borrowers must go through to have their loans forgiven.
As expected, the House today passed a bipartisan bill that would provide greater flexibility for Paycheck Protection Program borrowers.
Fifty-one state bankers associations today raised concerns that the forgiveness application for Paycheck Protection Program loans may be overly burdensome for the nation’s small businesses.
To help ensure that Paycheck Protection Program funds reach all small businesses in need, the Small Business Administration and Treasury Department today announced that they will set aside $10 billion of the second round PPP funds to be used exclusively by community development financial institutions.
To assist non-English speakers with completing their Paycheck Protection Program applications, the Small Business Administration today issued a number of foreign-language resources, including a sample application, warnings about PPP-related frauds and scams and frequently asked questions.
The Small Business Administration and Treasury Department this evening released the application that borrowers must complete in order to have their Paycheck Protection Program loan forgiven.
The Small Business Administration today notified Paycheck Protection Program lenders that certain loans in their PPP portfolios may require review.