The PPP program is poised to get an additional $300 billion, but many small businesses will never see it.
For many small businesses struggling to survive the fallout of the coronavirus pandemic, the only hope of staying afloat until a potential reopening was a Paycheck Protection Program (PPP) loan. But the PPP exhausted nearly $350 billion set aside under the CARES Act for low-interest loans to small businesses. On Tuesday, the Senate passed a […]
Filing Bankruptcy in COVID – 19
The last several weeks have brought limited relief to businesses grappling with an immediate economic downturn that is the result of COVID-19 and social distancing. However, some businesses will require more help than short-term loans backed by the government can provide. They will need to restructure mortgage loans, reduce debt service, or even eliminate unsecured […]
PPP is out of money, leaving many firms grasping for lifelines
A new Lending program for Small business maxed out Thursday morning and Stopped accepting new application for loans. All banks participating in the SBA loan programs have effectively stopped loaning money. Any replenishment of these Funds seems unlikely to happen at the moment as Congress is bitterly divided how to move forward as the nation […]
How the CARES act can help your Business
What is the CARES act? The Coronavirus Aid, Relief, and Economic Security Act, is a law meant to address the economic fallout of the 2020 coronavirus pandemic in the United States. What is the SBRA 2019 Law? By cutting red Tape, removing limitations and restrictions, SBRA law makes small business chapter 11 feasible. How does […]
Making sense of Payment Protection Program
Do I Qualify for The Small Business Stimulus Loans? To qualify for SBA funding under this new program, you must be a small business as defined by the SBA. This includes: Small businesses or non-profit 501(c)(3) organizations with 500 or fewer employees Small businesses, 501(c)(19) veteran’s organizations or tribal concerns that meet the SBA size […]
Is the new SBRA chapter 11 right for your business?
Congress just made it easier and less expensive for small businesses to reorganize under Chapter 11. Small businesses continue to struggle under the current social isolation measures in place in most states. Even with the recent financial relief package passed by Congress, many small businesses will not have sufficient resources to meet their most basic […]
1,895% spike in Mortgage deferments amid confusion on paying it back
Americans struggling to pay their mortgages because they’ve lost a job or income during the coronavirus pandemic can put off that bill for up to a year due to the CARES Act. But while the measures should be creating a feeling of relief, many borrowers have been left anxious because of confusing messages from the […]
America’s Small Business Lifeline Already Running Out Of Money On Day 1 Says Wells Fargo CEO.
Tuesday April 7, 2020 by JLG Admin Last month, the US Congress created a $350 billion fund to keep small businesses solvent and workers on payrolls, amid widespread commercial shutdowns to try and contain the coronavirus pandemic. Demand for the program is proving to be immense, and there are signs that it could run out […]
3 Ways Small Businesses Will Survive COVID-19
Americans all across the country are being urged to remain in their residences and practice social distancing, as more and more local and state governments are issuing stay at home orders. As a result of the social isolation required to manage the state of the COVID-19 pandemic, over 10 million Americans have filed for unemployment. […]
What New Bankruptcy Law Means for Small Businesses
Small businesses often struggle to reorganize effectively under Chapter 11 of the Bankruptcy Code in the past. This was largely due oo To address this issue, Congress passed the Small Business Reorganization Act of 2019, creating a new subchapter of Chapter 11 of the Bankruptcy Code. The Act takes effect in February 2020. Businesses, lenders […]