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RALEIGH – The new pandemic relief package signed into law by President Trump on Sunday night includes a new round of Payroll Protection Plan funding – $284 billion – and other help for small businesses. But there are significant changes from the PPP plan launched earlier this year than led to some $12 billion in funding for companies and other entities across North Carolina. Providing an in-depth look at this new program at the request of WRAL TechWire is Peter Gwaltney, CEO of the North Carolina Bankers Association. Peter Gwaltney Paycheck Protection Program (PPP) and Small Business Re...

To embed, copy and paste the code into your website or blog: Congress passed a wide-ranging COVID-19 relief package on December 22, 2020, that provides over $900 billion in aid to individuals and businesses. President Trump has now signed the relief bill, called the Bipartisan-Bicameral Omnibus COVID Relief Deal, into law. The law addresses four areas of importance to franchising: the Families First Coronavirus Response Act (FFCRA), the Paycheck Protection Program (PPP), the Economic Injury Disaster Loan (EIDL) program and SBA Emergency Grants for shuttered live venue operators or promoters....

To embed, copy and paste the code into your website or blog: The Paycheck Protection Program (PPP), originally part of the March 27, 2020, CARES Act, has undergone several changes since its inception, including June’s PPP Flexibility Act, a myriad of Interim Final Rules and other guidance issued by the Small Business Administration (SBA). On December 27, 2020, a new stimulus bill (the Consolidated Appropriations Act, 2021) was signed into law, comprehensively changing the PPP and associated small-business provisions of the CARES Act. Tax treatment of PPP loans   The new stimulus bill prov...

Contributing authors: Diana Kim, Kaitlyn M. Baietto Certain provisions of the Coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added. On December 27, 2020, a new relief bill was passed into law intended to provide much-needed economic support to assist businesses in making it through this winter. The bill, known as the “Consolidated Appropriations Act, 2021” (Act), allocates over $284 billion in funding to the Small Business Administrat...

To embed, copy and paste the code into your website or blog: On December 27, the President signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Act) addressing changes to the rules regarding PPP loans, including making a supplemental PPP loan available to many PPP borrowers and increasing the types of business expenses that can be forgiven. Among many other changes discussed in detail below, the Act provides the following key changes in regard to the PPP program: – Funding to allow the hardest-hit small businesses to receive a second forgivable Paycheck Protecti...