The Late April 23, Congress passed a second coronavirus relief package; this $484 billion package includes $310 billion to replenish the Paycheck Protection Program (PPP). Problem 1: $349 billion is not enough. Accounting for those loans, all of the funding authorized by Congress for PPP has been allocated. The $8 billion in remaining PPP funds are earmarked to be "After more than a year of operation and serving more than 8 million small businesses, funding More than 1,000 Sonic Drive-Ins received a total of over $100 million, the latest example of a chain amassing PPP funds. Q1 2020 hedge fund letters, conferences and more. Congress Passes BILLIONS in Arts Relief: More PPP and Unemployment, Grants for Performing Arts Venues and Organizations, Museums and Cinemas UPDATE: President Trump signed H.R. The PPP Extension Act of 2021, P.L. Simplified Forgiveness Applications for Small PPP Loans . The U.S. Small Business Administration (SBA) is warning policymakers that funds for the Paycheck Protection Program (PPP) are likely to dry up in April, weeks before the May 31 deadline. The financial crisis was primarily caused by deregulation in the financial industry. Legislation giving small businesses more flexibility and time to use Paycheck Protection Program funds and still qualify for loan forgiveness has won Congressional approval. Reports and preliminary data indicate that very small businesses were less likely to access PPP funding. Get Started. Among its appropriations, this package includes billions of dollars in new funding for the Small Business Administrations (SBA) Paycheck Protection Program (PPP) and Economic Injury Disaster Loans (EIDLs). By a vote of 92-7, the Senate today passed HR 1799, the PPP Extension Act of 2021. The PPP program was due to expire at midnight on June 30 with funds remaining, but just hours for the expiration of the program Congress authorized an extension through August 8. Congress is under increasing pressure to provide a fresh infusion of aid to a faltering economy, but prospects for Republicans and Democrats to reach a The United States Senate had passed the legislation by unanimous consent on Tuesday evening. Rep. Mike Johnson (R-LA) told Breitbart News that Congress had reached a $470 billion deal to fund the Paycheck Protection Program (PPP), offering his remarks in an interview on SiriusXMs Breitbart News Sunday with host Joel Pollak. Banks then demanded more mortgages to support the profitable sale of these derivatives. With PPP Money Depleted, Leaders Urge More Funding. In letter to congress, AG calls for more fairness, transparency & flexibility in implementation of program . PPP funding poised to dry up. The SBA will continue to fund outstanding approved PPP applications from other lenders but won't accept any new applicants. She says, That would have given us a big opportunity to plan more long term. Ask Congress to add more funding for the PPP The Paycheck Protection Program has run out of funds even though millions of businesses still need PPP funding. The additional funding was authorized in the Paycheck Protection Program and Healthcare Enhancement Act (PPP Enhancement Act) (H.R. Congress. Through March 7, the PPP has approved 2.4 million loans worth about $165 billion. Image Ask Congress to add more funding for PPP. Its not as if we have so much more demand for PPP funds that wont be met because the funding was short," Carp said. The PPP The PPP is a program providing financial White House Chief of Staff Mark Meadows and Treasury Secretary Steven Mnuchin called on With PPP Money Depleted, Leaders Urge More Funding. With PPP rapidly running out of money even as many small businesses say they have not received any funds, Treasury Secretary Steve Mnuchin on Tuesday asked Congress to authorize an additional $250 billion to replenish the program, which is open to businesses and non-profits with fewer than 500 employees. There has been no substantial discussion of another round of The PPP, which is designed to be an incentive for small businesses to keep their workers on the payroll, officially ran out of money on Thursday. This brought the total funds available to the SBA and the PPP to $669 billion. Ohio banks to Congress: Fund more PPP loans. The Small Business Administration said Wednesday (May 6, 2021) that the Paycheck Protection Program (PPP) has run out of money to lend. For our employees and our business. Now a plan to replenish the fund is moving through Congress, but time is critical. Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021. Millions of small businesses were denied access to the Paycheck Protection Program (PPP) because the program ran out of money. With most of the initial funding appropriated for COVID-19 relief rapidly depleted, Congress increased funding on April 23, 2020 for two advantageous SBA loan programs. 133 into law on Sunday, December 27, 2020. It's unclear how many potential borrowers the bill will help without any more money being pumped into the program. Specifically, Treasury Secretary Steven Mnuchin stated on April 19, 2020, that the White House and Congress could potentially reach a deal this week. On Thursday, the House passed a $484 billion bill providing an additional $310 billion in funding for PPP loans and an additional $10 billion in funding for Economic Injury Disaster Loans. Congress has approved an extension of the PPP loan program until June 30, 2021, including second draw PPP loans for businesses that received PPP funding in 2020. There are simpler rules and a new application form. With hundreds of billions in funding Congress approves more funds for PPP; SBA issues additional guidance TAX ALERT | April 24, 2020 A little more than one week after the Small Business Administration (SBA) Paycheck Protection Program (PPP) exhausted its initial $349 billion of funding, Congress has authorized an additional $310 billion for the program. Congress is likely to face calls to expand the program further, increasing the range of small businesses that could receive loans, and to provide still more funding. The PPP provided First Draw and Second Draw loans to help businesses continue to make payroll and pay other essential operational expenses. Lawmakers push PPP revamp as funding lapse looms. The PPP has about $110 billion left to lend. Given that the initial funding for PPP passed at the end of March was depleted within two weeks, now is the time to apply for this new funding if you missed out the first time. The House had passed this bill on March 16, 2021, by a vote of 415 to 13. Congress and the President did not have to allocate any new funds with todays extension. Follows James requests to 11 banks for details on how PPP Now the total amount of funding available for the PPP is 813 billion dollars thats the total amount of funds that congress allocated to the PPP loan program. Though the rollout of PPP loans was flawed, the government has a second chance to distribute funds more equitably. Administration officials call on Congress to immediately pass bill to spend unused PPP funds. In letter to congress, AG calls for more fairness, transparency & flexibility in implementation of program . Ask Congress to add more funding for PPP. Last week, there was about $66 billion remaining out of the nearly $292 billion which Congress appropriated in December. PPP is out of money for most businesses ahead of planned May 31 closure More funds were eventually allocated in the first round and the program approved 7.6 million loans worth more While Congress quarrels about additional funding for the Payroll Protection Program (PPP), many small business owners face catastrophic decisions. See more stories on Insiders business page. The House of Representatives is now expected to convene for a vote on the package sometime this week. While PPP has been a critical short-term lifeline for many businesses, the program was always fundamentally flawed as it The December 2020 bill authorized second draw PPP loans, and the deadline for both first and second-draw PPP loans remains March 31, 2021. Congress relief bill may bring welcome changes to old PPP biz loans, and fund new borrowers. The average 2021 PPP loan size for first draw loans is $18,704 and $77,895 for second draw loans. As of Sunday, the PPP had given out nearly 10.8 million loans worth more than $780 billion since April of last year.

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