Treasury

The U.S. Small Business Administration (SBA), with assistance from the Treasury Department, released an interim final rule making it easier for the smallest businesses with Paycheck Protection Program loans to file forgiveness applications.

The administrator of the SBA and the secretary of the Treasury determined this new rule satisfies the need for a simpler forgiveness process while also protecting the integrity of the program and ensuring taxpayer funds are safeguarded.

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A preliminary report from the Select Subcommittee on the Coronavirus Crisis on the Paycheck Protection Program (PPP) found the potential for billions of dollars which might have been diverted to fraud, waste and abuse.

That total includes more than $1 billion in loans to companies who received more than one PPP loan.

Read on for more details from the report and the subcommittee’s reaction.

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The Department of Justice announced new arrests in ongoing work on cases involving fraud with the Paycheck Protection Program, bringing the total number of defendants charged to 57.

Former NFL player Josh Bellamy was among the recent arrests made in the fraud cases.

Read on for details of the latest cases, along with reaction from Acting Assistant Attorney General Brian Rabbitt.

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The Independent Community Bankers of America (ICBA) said recently released data show that community banks are the unequivocal leaders of the U.S. economic recovery because of their outsized role as providers of Paycheck Protection Program (PPP) small-business loans.

The latest report from the Federal Deposit Insurance Corp. (FDIC) found that FDIC-insured banks made $480 billion in PPP loans in the second quarter, with ICBA stating more than half of those loans were made by community banks.

Read on for more details from the data.

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Seeking clarity before a potential relaunch of the Paycheck Protection Program, two trade associations wrote the heads of the Small Business Administration and Treasury Department to ask for rules and guidance to be in place before any such program begins.

The Consumer Bankers Association and the International Franchise Association joined in the letter to the federal agencies.

Read on for details of their request.

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As small businesses around the country go through a “hurry up and wait” phase as Congress debates potential new pandemic relief, the Small Business Administration released details of the Paycheck Protection Program, which stopped taking new applications Aug. 8.

The program, which was given $659 billion in two rounds of funding, still has $133.987 billion remaining, as Congress debates proposals for how the funding could be used.

Read on for more details from the agency’s report.

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Top executives from large businesses around the country, led by former Starbucks CEO Howard Schultz, have written to Congress, calling on legislation to extend and create lending programs for small businesses.

The executives suggest the programs operate through the banks and lenders who have participated in the Paycheck Protection Program.

Read on for details from the letter to Congress.

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As the Small Business Administration (SBA) nears the launch next week of its portal to accept loan forgiveness applications for the Paycheck Protection Program, the agency on Tuesday released a series of frequently asked questions on forgiveness.

SBA said that borrowers and lenders “may rely on the guidance provided” in the FAQs as SBA’s interpretation.

Read on for details from the agency’s guidance.

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Will they, or won’t they?

The Paycheck Protection Program (PPP) is scheduled to stop taking applications again Aug. 6. As of the end of business July 30, the PPP still had close to $130 billion in funding available.

In the Senate version of the latest round of federal stimulus, PPP would get an additional $190 billion in funding, and businesses would be able to access a second PPP loan if they already had received one earlier – with conditions on which businesses could access a second loan.

But talks between Democrats and Republicans have stalled. Will they pass legislation before PPP expires again?

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As Congress pressed forward on work on a new stimulus package for the country, there appeared progress on adding more funding to the Paycheck Protection Program (PPP), the potential for businesses to get a second PPP loan, and discussions over blanket forgiveness for small borrowers.

Treasury Secretary Steven Mnuchin on Thursday told CNBC that there was bipartisan support for PPP.

Read on for all the latest.

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