Tag Archives: PPP

US House Passes 7 Small Business Bills – 2 for PPP and EIDL Loan Fraud | Small Business Trends

The slew of bills includes legislation to extend the statute of limitations on small business pandemic fraud cases, enhance workforce development offerings, and improve the procurement process for small businesses. Among the bills passed two would establish a ten-year statute of limitations for prosecutions related to fraud related to the Paycheck Protection Program (PPP) and COVID-19 Economic Injury Disaster Loan (EIDL).

“These seven bills will help make key SBA programs more secure, accessible, and focused on the most pressing challenges for small firms”, said Chairwoman Nydia M. Velázquez of New York.

What are the resolutions?

The bills are designed to promote policies that encourage small business development, hold small business pandemic fraudsters accountable, develop the small business workforce, and support small contractors doing business with the federal government.

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PPP’s Crazy Final Days | Inc.com

When the Small Business Administration shuttered the Paycheck Protection Program for all lenders other than community financial institutions earlier this month–three weeks before the forgivable loan program’s May 31 end date–it sent shock waves through the system.

Womply, a loan facilitator based in San Francisco, quickly rattled off a report noting that as many as 1.6 million of its small-business customers would be left out. Numerated, the Boston-based digital lending platform for banks, said it had $1.4 billion in outstanding applications from more than 33,000 businesses that had been started but not yet approved by the SBA. Meanwhile, other lenders worked to scuttle their programs and divert borrowers, even as it remained unclear how much money was actually left.

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Be Careful With Cares Act Taxes | Inc.com

With many businesses operating under constrained financial circumstances because of the coronavirus pandemic, finding available cash to pay current operating expenses can be difficult. Although the Coronavirus Aid, Relief and Economic Security Act (Cares Act) provides assistance to cover expenses such as payroll, rent, and insurance through both the Economic Injury Disaster Loan program and the Paycheck Protection Program, many businesses are finding that these sources of funding aren’t adequate to meet their current needs and they are facing a cash shortfall.

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