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The Federal Reserve Board’s Main Street Lending Program should be up and running by the end of May, Fed Chairman Jerome Powell told the Senate Banking Committee Tuesday. The Main Street program is intended to provide support for small and mid-size businesses that were in good financial condition before the

Following the recent announcement that the Small Business Administration would review any Paycheck Protection Program loans made in amounts exceeding $2 million, the agency today issued guidance extending an automatic safe harbor to borrowers receiving PPP loans with an original principal amount of less than $2 million. These borrowers “will

As our clients’ First Choice Advisor, RBT CPAs, LLP, is prepared to assist our clients in navigating the challenges created by the fallout from the COVID-19 virus. The Coronavirus Aid, Relief and Economic Security (CARES) Act created or extended several programs to provide financial assistance and relief, including the Economic

The Coronavirus Aid, Relief and Economic Security (CARES) Act signed into law on Friday, March 27, provides various options for small and midsize businesses facing liquidity challenges from the COVID-19 crisis. This has been updated to reflect SBA guidance issued on April 6, 2020, and information on the Main Street

Updated 4/23/20 – Effective April 23, 2020, Congress has approved an additional $310 billion in funding for the Paycheck Protection Program, $50 billion for the EIDL program and $10 billion for emergency EIDL grants. This reserves certain amounts for the loans to be made as follows (which may make it

Millions of eligible Americans have already received their Economic Impact Payments (EIPs) via direct deposit or paper checks, according to the IRS. Others are still waiting. The payments are part of the Coronavirus Aid, Relief, and Economic Security (CARES) Act. Here are some answers to questions you may have about

We are writing to inform you of additional developments related to the Economic Injury Disaster Loan (EIDL) program. Applications for the low-interest disaster loan program in the wake of the coronavirus crisis have far exceeded the funds available for the program, resulting in the apparent rationing of cash to applicants,