COVID-19 Main Street Lending

Paycheck Protection Program (PPP) Approved for Five Week Extension

On Tuesday, June 30, just hours before the application window for the Paycheck Protection Program (PPP) was scheduled to close, the U.S. Senate unanimously passed a five-week extension. The House of Representatives followed suit, and the act was signed into law by the President on July 4, 2020. The intention behind this extension is to [...]

2020-07-06T09:00:57-05:00July 6th, 2020|COVID-19|

Updates to The Federal Reserve’s Main Street Lending Program

On Monday, June 15, the Main Street Lending Facility, administered by the Federal Reserve of Boston, officially opened up its lender portal to begin signing up participating lenders. Although the loan intake portal for lenders to submit loan participation requests to the Fed isn’t yet operational, Federal Reserve officials are advising potential borrowers to [...]

2020-06-18T14:49:06-05:00June 18th, 2020|COVID-19|

Senate Passes the Paycheck Protection Program Flexibility Act

On May 28, 2020, the House of Representatives passed the Paycheck Protection Program Flexibility Act and it was subsequently approved by the Senate on June 3, 2020. The bill is now awaiting approval from President Trump. If enacted, the PPP Flexibility Act will: Increase the “covered period” defining when a small business must spend their [...]

2020-06-09T08:50:25-05:00June 4th, 2020|CONSTRUCTION, COVID-19, DISASTER RECOVERY|

SBA Provides Guidance and Extends Deadline for the Good Faith Certification

The SBA, in consultation with the Department of the Treasury, on May 13, 2020, issued additional guidance for the Paycheck Protection Program (PPP) in the form of Frequently Asked Questions. The guidance relates to the Good Faith Certification that “current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” [...]

2020-06-09T08:51:00-05:00May 14th, 2020|CONSTRUCTION, COVID-19|

Main Street Lending Program

Click here for the most up-to-date information as of June 18, 2020. The Federal Reserve Board has announced an expansion of the scope of and eligibility for its Main Street Lending Program (MSLP). The MSLP is established under Section 13(3) of the Federal Reserve Act and is in response to the unprecedented economic challenges [...]

2020-06-18T14:45:29-05:00May 11th, 2020|CONSTRUCTION, COVID-19|

Federal Government Approves Additional Funding for PPP and EIDL Relief

On Thursday, April 23, 2020, the federal government passed the fourth round of coronavirus relief packages in the Paycheck Protection Program and Health Care Enhancement Act. This legislation allocates a combined $370 billion of additional funding for the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs to assist businesses affected by the [...]

2020-06-09T08:33:17-05:00April 24th, 2020|CONSTRUCTION, COVID-19|

Maximizing PPP Forgiveness

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. As applicants receive their Paycheck Protection Program (PPP) loan proceeds, their focus is quickly shifting to the maximization of the estimated PPP forgiveness. Unfortunately, specific guidance [...]

2020-06-09T08:52:11-05:00April 23rd, 2020|CONSTRUCTION, COVID-19, SMALL BUSINESS|

PPP Guidance for Self-Employed Individuals

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. The Small Business Administration (SBA) has released much-anticipated guidance for self-employed individuals and independent contractors (self-employed individuals) that are applying for a Paycheck Protection Program (PPP) loan. [...]

2020-04-24T13:39:22-05:00April 15th, 2020|CONSTRUCTION, COVID-19, HEALTHCARE, SMALL BUSINESS|

Comparison: COVID-19 Employer Relief Options

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP/EIDL program* by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more.Which COVID-19 relief benefit is right for your business, nonprofit, or governmental entity? The answer depends! Do you have over 500 employees, over 100 employees, under [...]

Q & A: Paycheck Protection Program for Small Businesses

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. The recently passed Coronavirus Aid, Relief, and Economic Security Act, or the CARES Act, has earmarked nearly $350 billion in a relief program through the Small [...]

COVID-19 and Nonprofits: How Can PPP and EIDL Programs Help?

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. On Friday, March 27, in response to the devastating impact of the COVID-19 pandemic on the U.S. economy, Congress passed, and President Trump signed the Coronavirus [...]

2020-04-24T11:50:17-05:00April 2nd, 2020|BUSINESS SUPPORT, COVID-19, NOT-FOR-PROFITS|

Title IV: Coronavirus Economic Stabilization Act of 2020

With the CARES Act in place, we see more detail on the many impactful strategies currently available to positively counter the unprecedented personal and economic challenges we all now face. Title IV covers a wide range of aid options, including a halt on eviction filings, consumer credit protection clauses, a foreclosure moratorium on Federally-backed mortgage [...]

2020-03-31T10:07:41-05:00March 31st, 2020|COVID-19|

Main Street Lending: Introduction to the Paycheck Protection Program (PPP)

UPDATE: As of April 24, 2020, the federal government approved replenishment funding for the PPP by way of the Paycheck Protection Program and Health Care Enhancement Act. Learn more. One of the most notable parts of the CARES Act is the opportunity for loan forgiveness through the Paycheck Protection Program (PPP). What is it? How [...]

Coronavirus Aid, Relief, and Economic Security Act

Summary of the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act"): On March 25, 2020, the United States Senate passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”). The Cares Act will move to the United States House of Representatives this week, and the president is expected to sign it after it’s [...]

2020-03-27T16:52:23-05:00March 26th, 2020|COVID-19|

CARES Act, Division C – Assistance to Severely Distressed Sectors for the United States Economy

As you look at the economic landscape of the United States today, it is much different than it was just a short time ago. Markets are unstable. Businesses are closing or radically changing their service delivery methods. School facilities have closed. Employees and customers are coping with orders to shelter-in-place or maintain appropriate social distancing. [...]

2020-03-27T16:52:32-05:00March 25th, 2020|COVID-19|