Members:

 

Here is a bit more on PPP and yet another SBA tool:

 

Urgent reminder! The deadline for SBA to approve Paycheck Protection Program (PPP) loan applications is Tuesday, June 30. This loan program provides loan forgiveness for retaining employees by temporarily expanding the traditional SBA 7(a) loan program.

Find a lender and apply today

SBA Partnering with Small Businesses to Drive Economic Recovery

By SBA Administrator Jovita Carranza

For the 200 employees at On-Target Supplies & Logistics in Dallas, having a job right now means stability during times of economic uncertainty. The pandemic has impacted small businesses across the country, but it has been particularly harmful for entrepreneurs in underserved communities.

Following President Trump’s guidance, SBA launched the Paycheck Protection Program (PPP), designed to quickly bring financial relief to socially and economically disadvantaged small businesses, as well as minority-owned, women-owned and veteran-owned small businesses.

On-Target owner Tré Black said the forgivable PPP loan he received has allowed him to continue paying his workforce and has brought peace of mind during this difficult time.

The priority for this Administration, and me personally, is to ensure these forgivable loans are going to those most in need. I’m proud to report nearly half of all PPP loans – both in terms of volume and value – are going to low-income counties across the country.

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How the SBA is Reaching Every Nook and Cranny of the Country

SBA Administrator Jovita Carranza's interview with the Washington Examiner 

Jovita Carranza, the administrator of the Small Business Administration, said you’ll likely not see this in a headline, but small businesses are rebounding. “The momentum is there because I've seen it firsthand,” she said.

Carranza sat for an interview with the Washington Examiner both here in Dauphin County, Pennsylvania, as well as in Morgantown, West Virginia, to discuss the impact the Paycheck Protection Program has had on small businesses trying to make a comeback after being shut down from either production or services for months.

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Helping America’s Entrepreneurs Get Back to Business

By Allen Gutierrez, Associate Administrator of SBA's Office of Entrepreneurial Development

Now more than ever before, Americans are turning to online learning. The trend is especially true as small businesses begin to reopen after states lift Coronavirus (COVID-19) restrictions in the weeks and months ahead. The U.S. Small Business Administration offers free online courses that can help to guide you as you get back to business. Our online courses, housed in the SBA Learning Center, are tailored to specific subject areas and business stages. You can also supplement the knowledge you gain from these courses with other SBA resources – including virtual expert advice from SBA resource partners. Here are some of the online courses that you can leverage.

Learn more

 

 

 

 

In 2019, 50,477 wildfires burned 4.7 million acres in the U.S., disrupting businesses and displacing people from their homes and communities. It’s essential for small business owners in wildfire-prone areas to make a plan to prepare for and deal with the aftermath of a wildfire. The U.S. Small Business Administration can help with resources and guidance before, during, and after a wildfire strikes. Here are some key tips to get your business ready for wildfire season.

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Federal Coronavirus Resources

State, local, and federal agencies are working together to maintain the safety, security, and health of the American people. Check out coronavirus.gov for updates from the White House's Coronavirus (COVID-19) Task Force. Go to cdc.gov for detailed information about COVID-19 from the Centers for Disease Control and Prevention.  

Learn more about the federal government's response

 

Nine Insights into PPP Loan-Forgiveness for the Self-Employed

  • Are you self-employed with no employees?
  • Did you apply for a CORVID-19 Paycheck Protection Plan (PPP) loan?
  • Did you already receive your money?

 
Great. Now you need to know how to handle your PPP money so that you qualify for the all-important loan forgiveness! You have two choices if you received your PPP money before June 5, 2020:

  • First, you can stay with the rules that existed.
  • Second, you can elect to apply the new 24-week rules from the Paycheck Protection Program Flexibility Act of 2020, enacted on June 5, 2020.

If you have questions about how to proceed legally and come out a winner, you need straight answers.

That's exactly what we'll provide when you read my new article titled Nine Insights into PPP Loan-Forgiveness for the Self-Employed.

Question #1: Do I Have to Spend the PPP Loan Proceeds?

Quick Answer:

Yes, it appears so. The instructions for line 9 of Schedule A for the SBA Form 3508 PPP forgiveness application states the SBA rule. Read the new article for a complete answer.

Question #2: Should I Put the Loan Proceeds in a Separate Bank Account?

Quick Answer:

With a separate bank account, from which you use the PPP loan proceeds, you can create a perfect paper trail that documents the use of the proceeds. Read the new article for a complete answer.

Question #3: When Do My Eight or 24 Weeks Begin?

Quick Answer:

According to the latest interim guidance, and consistent with SBA Form 3508, with no employees, your eight or 24 weeks begin on the date the lender disburses the funds to you. Read the new article for a complete answer.


Andy