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Almost a year ago to the day, the Small Business Administration opened the first round of the Paycheck Protection Program, known as the PPP.
The forgivable loan program was designed to encourage employers to keep their employees despite the pandemic shutdown, with loan amounts based on a business’ monthly payroll figures. In just under two weeks, the $350 billion program was depleted of funds.
“My CPA joked that the first round of PPP was like building an airplane while it’s flying in the air without a parachute, hoping you will land in a soft spot,” says Jamaica House owner Carena Ives.
A mad scramble for money marked the April 2020 start of a $349 billion federal COVID-relief loan program that ran dry within two weeks. Afraid it wouldn’t even last that long, business owners deluged bankers with pleas for rapid issuance of the lifesaving loans.
“The biggest concern we all had was that the money would run out that first weekend,” says Aaron Anker, an owner and self-proclaimed chief granola officer at Grandy Oats, a Hiram-based maker of organic granola, trail mixes, roasted nuts and cereal that employs more than 30. “When the first round came out, I was on the phone with my banker until all hours.”
SBA to offer low-interest disaster loans to Alabamians affected by January tornado al.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from al.com Daily Mail and Mail on Sunday newspapers.
Posted by Angela Denning | Apr 2, 2021
This sign is posted on the door of the Petersburg Post Office. (Photo by Angela Denning/KFSK)
COVID-19 panel discussion highlights Friday, April 2, 2021
One note this show will be reduced to every other week, on Fridays at the same time. There won’t be shows on April 9
th or 23
rd this month, unless needed.
The Centers for Disease Control and Prevention revised its guidelines for travel noting fully vaccinated people are less likely to get or spread COVID-19 and are safe to travel within the U.S. The CDC still recommending against non-essential travel but says the fully vaccinated or those who have recovered from COVID-19 in the past three month do not need to self-quarantine or get tested before or after travel unless their destination requires it. What does that mean for the fully vaccinated here in Petersburg?
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After the Department of Justice charged more than 100 people last year with fraudulently seeking over $360 million in CARES Act emergency loans and other payments, the federal government has taken additional steps this year to combat fraud in federal COVID relief programs. These new efforts include expanding investigations and charging more criminal cases, initiating civil enforcement and forfeiture actions to recoup money to the Treasury, and hiring dedicated personnel to prosecute CARES Act fraud.
In passing the CARES (Coronavirus Aid, Relief, and Economic Security) Act and related legislation last year, Congress provided for several different types of emergency pandemic relief to be administered by the Small Business Association and other federal agencies. These include PPP (the Paycheck Protection Program), EIDL (Economic Injury Disaster Loans), PUA (Pandemic Unemployment Assistance), FPUC (Federal Pandemic Unemplo