On June 8, 2020, the Federal Reserve Board announced the expanded Main Street Lending Program and its pending launch this week. The program offers favorable lending terms for small to mid-sized businesses to assist in financial hardships due to COVID-19 and the shutdown of much of the economy over the past few months. This program...Continue Reading
Good news regarding the latest PPP legislative update! Congress has passed and the President has signed H.R. 7010, the Paycheck Protection Program Flexibility Act of 2020. The Paycheck Protection Program Flexibility Act creates more flexibility for borrowers using PPP funds. The bill extends the time period for businesses to use the funds from 8 to...Continue Reading
The U.S. Small Business Administration (SBA) has released the “Paycheck Protection Program Loan Forgiveness Application,” which contains information on PPP Loan forgiveness along with instructions for completing the application form. The SBA said its form and instructions are designed to reduce compliance burdens and simplify the process for borrowers. The form and instructions provide details on...Continue Reading
U.S. Treasury and SBA released on May 13, 2020 the much-anticipated FAQ related to the “Economic Uncertainty” certification. They previously posted this guidance was pending on May 5, 2020 and is critical in timing as they had specified a May 14, 2020 compliance deadline. A link for the full FAQ is included at the end....Continue Reading
We have provided an update to the “economic uncertainty” language and the good-faith certification. Read More. The U.S. Treasury Department and the SBA are issuing new guidance on eligibility and use of Paycheck Protection Program loan funds under the CARES Act. However, their determination of ‘economic uncertainty’ and the ‘good faith certification’ made during the...Continue Reading
Businesses impacted from COVID-19 have numerous relief options available to them. We are here to help you navigate how the relief options are interrelated, and more importantly, how you can maximize the available relief options. An important backdrop to all of this is the intent of the programs is that you do not “double dip”...Continue Reading
Anglin Reichmann Armstrong has developed a process to help you model potential forgiveness scenarios for PPP loan forgiveness. This is a critical process to pursue now because it will support your decisions for timely staffing/rehiring as well as proper use of PPP loan funds during the eight-week covered period. Contact us to learn more. What...Continue Reading
There are a number of relief options for businesses under the CARES Act but these measures are limited. Businesses need to act quickly if they need financial help to cover payroll expenses and other business expenses. Paycheck Protection Program Update The Paycheck Protection Program (PPP) has been a very popular relief program for many businesses....Continue Reading
The Alabama Department of Labor released information regarding new online tools and the programs included in the CARES Act legislation. The new Claims Tracker helps claimants track their claims. The tool is designed to help people find the answers they need without having to spend time calling the Department of Labor. There are several different...Continue Reading
The federal government released new guidelines, formally known as Opening Up America Again, for states to plan to reopen the economy and business activity. The guidelines suggest data dependency (based on COVID-19 cases and statistics) and follow 14-day trends. The final decisions on reopening plans will be issued by state and local government, but businesses...Continue Reading
