Category: CARES Act
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Pandemic reopening update
The mess we’ve created in society’s response to this pandemic re-opening hit me hard yesterday. My wife was required to attend a training for managers charged with overseeing their office reopening. Apparently she will be in charge of approving the scheduling plans of her staff that largely want to continue to work from home vs…
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Update on PPP loan forgiveness
Many small businesses, including yours, obtained PPP loans through private lenders. The goal was to have the loans forgiven. Some lenders have been slow to communicate with borrowers on the process for loan forgiveness. This delay might be causing stress among some small business owners. This week the SBA opened its own direct online PPP…
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Main Street Lending Isn’t Happening; What’s Next?
News Update Two days ago I published a Q&A format summary of the new Main Street Lending Program, a potentially huge program that was authorized by Congress as part of the Cares Act. My writing ended with an optimistic position that the program might eventually be leveraged to finance trillions of dollars of loans across…
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File now to receive a CARES stimulus payment
Millions of Americans are eligible for a stimulus payment from the U.S. Treasury Department as part of the federal government’s corona virus crisis response but will not receive this money unless they take additional action. This blog post focuses on those estimated 400,000 to 500,000 who are otherwise eligible for a stimulus payment but have…
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Costs associated with Paycheck Protection Program application processing
I’ve publicized here and on other platforms that my firm and some affiliates will prepare and submit economic relief applications under the CARES Act without charge. But submitting the application is the easy part. Doing the required underlying accounting and assembling the documentation to support these loan and grants applications is potentially expensive. Of course,…