Paycheck Protection Program rules could get easier under House bill: Here’s what it would do

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Lawmakers are hoping to resolve some of the biggest complaints about the PPP loan program, which is supposed to help small businesses affected by COVID-19. With companies and employees still suffering across the country as a result of the coronavirus pandemic, the U.S. House of Representatives yesterday passed a new bill meant to address one of the biggest complaints about the federal loan program for small businesses—how they can spend the money. Under the bill, which passed the House almost unanimously and will head to the Senate next week, some restrictions for the Paycheck Protection Program, or PPP, would be relaxed. Here’s a breakdown of what would change: Read Full Story

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PPP rules are changing: What you need to know about the revamped Paycheck Protection Program

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The Biden administration just made it easier for very small businesses and self-employed workers to get more money in less time. The Biden administration has announced that the popular Paycheck Protection Program (PPP) will see some rule changes starting on Wednesday, February 24, reports CNN. These changes are an attempt to help make PPP loans fairer and easier to obtain for minority-owned and very small businesses. Read Full Story

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The Paycheck Protection Program ends today—and it’s got $130 billion left unused

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To date, the PPP has given out $520 billion in loans to businesses, many of which could have the loans completely forgiven. The Paycheck Protection Program (PPP) was one of the pillars of the stimulus program the U.S. government enacted earlier this year to help small businesses keep afloat during nationwide lockdowns. However, today is the last day for small businesses to apply for PPP loans, which may be entirely forgivable under certain circumstances. Read Full Story

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Paycheck Protection Program: Bank regulators want to talk about fraud identification

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One specific type of potential fraud mentioned by the OCC is “loan stacking,” or an applicant receiving PPP loans from multiple lenders. Federal bank regulators are holding a series of “ listening sessions ” to better understand some potential issues, including fraud, that might have arisen in connection with the Paycheck Protection Program—the loan program approved by Congress last month to help small businesses affected by the coronavirus pandemic. Read Full Story

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Paycheck Protection Program loan forgiveness and safe harbor deadline: Here’s the latest

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The PPP safe harbor deadline is today while the eight-week forgiveness period for some borrowers is approaching soon. Several weeks after the coronavirus pandemic decimated the U.S. economy, countless small businesses impacted by the crisis have yet to receive a shred of government relief. For others that secured federal loans through the Paycheck Protection Program, many are discovering the devil was in the details. Read Full Story

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Here’s the full list of companies that received Paycheck Protection Program loans over $150,000

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The SBA released a trove of data about the Paycheck Protection Program, including the names of companies that received larger loans. Bowing to pressure from critics over its handling of more than $500 billion in coronavirus relief funds, the Small Business Administration today released a trove of data about the recipients of loans from the federal Paycheck Protection Program, including full business names and addresses for companies that received loans of $150,000 or more. Read Full Story

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