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As President Biden extended the application deadline for the Paycheck Protection Program until May 31, many eligible small business owners completed their applications and have been waiting for approval. Funding for the program, however, has reportedly run out just a few days into the month of May. Loan agents such as Womply sent out mass emails to applicants Tuesday evening updating them on the news of the funding shortage and encouraging business owners to not give up. Womply is hopeful that if small business owners across the country contact the President Biden, the Small Business Administ...

To embed, copy and paste the code into your website or blog: Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans On January 6, 2021, the Small Business Administration (the “ SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to as the “ Consolidated First Draw PPP IFR” or the “ IFR”). That rule restates existing re...

On January 6, 2021, the Small Business Administration (the “ SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Second Draw Loans” (“ Second Draw Rules”). These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “ Economic Aid Act”). The SBA also released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (“ Consolidated First D...

NH Business Review Sen. Hassan explains the federal programs, resources available May 3, 2021 U.S. Sen. Maggie Hassan, D-NH Throughout the Covid-19 pandemic, New Hampshire’s small businesses have continued to shine. Showing the ingenuity and entrepreneurship that is their hallmark, businesses have done all that they can to adapt, support their employees, and continue serving their customers and communities. Even so, many businesses, understandably, still require support to stay afloat. As this crisis has evolved, so have the challenges facing businesses. To help address those needs, I have ...

Headlines CFPB Issues Interim Final Rule to Support CDC Moratorium on Evictions FEMA Announces Changes to National Flood Insurance Program Pricing Proposed Rule Would Establish Mandatory Terms for Tax Allocation Agreements Other Developments: Paycheck Protection Program and Qualified Mortgages 1. CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders, that the CFPB expects servicers to dedicate sufficient resources and staff to reduce avoidable fore...