Tag Archives | PPP

New PPP Guidelines and Deadlines

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 […]

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Resource Roundup – PPP Loan Forgiveness Updates

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 […]

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Resource Roundup – NM Lenders Available for SBA Loan Applications

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 […]

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Resource Roundup – PPP and Business Support 2.0

President Trump signed the legislation today to replenish business relief programs and support hospitals and COVID-19 testing. The package totals $484 billion and includes: An additional $310 billion in funding for the Paycheck Protection Program (PPP), with $60 billion reserved for small banks and lending institutions $75 billion for hospitals $25 billion to support testing […]

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Resource Roundup – Approval for Second Small Business Funding Package

Congress and the White House have reached an agreement for the second round of funding for business relief programs. Details are forthcoming. It’s expected that the package will total $450 billion and include: $300 billion for the Small Business Administration’s popular Paycheck Protection Program (PPP) $50 billion for the Economic Injury Disaster Loan (EIDL) program […]

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Resource Roundup – Independent Contractors and PPP

The Paycheck Protection Program is now open to 1099 workers and independent contractors, of whom there are over 23 million in the U.S.. There has been a lot of confusion around how independent contractors interact with this program, and not a lot of guidance from the SBA or Treasury. In a virtual town hall hosted […]

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Resource Roundup – FinTech Joins PPP

It’s fair to say that the Paycheck Protection Program’s launch hasn’t been perfectly smooth. The adjustment period as lenders familiarize themselves with unprecedented terms and the enormous volume of demand created a significant bottleneck. As some experts have warned, banks are prioritizing applicants with whom they have existing relationships. The systems to process all of […]

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Resource Roundup – Independent Contractors and Payroll Calculations

There has been a lot of confusion around how independent contractors engage with the Paycheck Protection Program.  See, for example, this letter to Treasury Secretary Mnuchin y Forbes Senior Contributor Tony Nitti delineating some vexing points. To clarify, independent  contractors are not included in an employer’s PPP loan amount. “As an employer and borrower, what […]

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Resource Roundup – Paycheck Protection Program or Economic Injury Disaster Loans?

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 […]

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