paycheck protection program Tag

The New Mexico Economic Development Department released this statement today concerning new guidelines and deadlines for Paycheck Protection Program loans: Economic Development Cabinet Secretary Alicia J. Keyes announced that new forgiveness and flexibility rules for the federal government’s Paycheck Protection Program (PPP) will benefit more New Mexico businesses and she is urging those who have not yet applied to take another look at the program. With the PPP deadline for loan funding on June 30, there are...

The United States Chamber of Commerce has shared the following updates on PPP loan forgiveness amidst some confusion on the subject. For employers whose employees have chosen not to return to work, the Treasury Department has clarified its position on loan forgiveness. Specifically, if you’re an employer and want to bring an employee back who had previously been laid off, you will not be penalized if the employee chooses not to return. If you issue a...

Lenders in New Mexico are still able to help businesses with loan applications for the U.S. Small Business Administration’s Paycheck Protection Program (PPP), Economic Development Department Cabinet Secretary Alicia J. Keyes said in a recent virtual roundtable discussion. As reported, Congress appropriated another $310 billion for crisis relief funding last week. As part of that bill, about 20 percent of the money ($60 billion) was reserved for small banks and community lenders. Applications reopened on April...

What are the relative merits of the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) options? This question comes up a lot lately amidst the whirlwind of new information about business relief programs.  The infographic below, by Live Oak Bank, provides a helpful and concise comparison. Steve Mariani, President and Founder of Diamond Financial Services, shared some additional insights in a webinar hosted by the International Business Brokers Association. Key takeaways from Mariani's...

The U.S. Chamber of Commerce has published concise and helpful resources to help small businesses navigate the details of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Under the Paycheck Protection Program initiative of this law, $350 billion have been allocated to help businesses stay afloat, and particularly to help businesses sustain employment. As we mentioned in last week's overview of the CAREs Act and its intended impact, these loans come with forgiveness terms...