SBA targeted advance: What small businesses need to know about the disaster loan program for 2021

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The latest update from the Small Business Administration provides some much-needed clarity for small businesses. Small businesses that have been eagerly waiting for new information about a federal loan-advance program that would front them up to $10,000 in quick cash are finally getting an answer: Don’t call us, we’ll call you. Read Full Story

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Best Small Business Loans

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Disclosure: This content is reader-supported, which means if you click on some of our links that we may earn a commission. Unless you’re independently wealthy, most small business owners need a loan at one point or another. From paying for startup costs to expansion projects, equipment, or unexpected incidents, quick access to funding will make it easier for your company to grow. Whether you’re launching a brand new venture or own an established business, there are so many different small business lending options out there to consider. Which small business loan is best for you? This guide contains everything you need to know on the subject. The Top 6 Options For Small Business Loans Fundbox Funding Circle Accion Lendio OnDeck Kiva How to Choose the Best Small Business Loans For You Small business loans come in all different shapes and sizes. So as you’re evaluating different options, there are specific …

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Here’s where all the SBA economic injury disaster loans and advances have gone so far

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The Small Business Administration has released limited data on how many EIDL loans it has processed in each state. With Congress set to approve another rounding of funding for loan programs meant to help small businesses during the coronavirus pandemic, the Small Business Administration has released new, albeit limited, data about where it’s been spending money so far. 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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Main Street Lending Program expanded: Here’s what small businesses need to know

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The Federal Reserve expanded the Main Street Lending Program on Monday, making it more accessible to small and medium-size businesses. The Federal Reserve expanded the Main Street Lending Program on Monday, making it more accessible to small and medium-size businesses, while also offering a wider range of loan amounts with more flexible payback terms. Previously, the $600 billion program, which is part of the CARES Act, offered loan terms that deterred many small and midsize businesses. Here’s what you need to know: 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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The Paycheck Protection Program is out of money, and now the list of loan recipients is top of mind

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Amid a collective call for transparency, it remains to be seen whether the list of small-business loan recipients will be made public. In unsurprising news: The Paycheck Protection Program has officially drained its coffers. The Small Business Administration is now warning interested parties of a “lapse in appropriations,” during which it’s “currently unable to accept new applications.” Read Full Story

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