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Paycheck Protection Program


WBC has worked diligently with America’s SBDC to create a consolidated platfo rm on COVID-19 related information for sm all businesses. For up-to-date COVID-19 news that you can  trust, go to our federal resources’ website,

If you are a woman-owned business counting on loan forgiveness or have specific PPP or EIDL program questions, utilize your local WBC as a resource and be sure to document ALL company activity. Additional resources to help you keep track of aid program updates and rules can be found on the SBA’s Coronavirus Small Business Guidance & Loan Resources page .


Updated June 18, 2020

Earlier this week, the Federal Reserve Board rolled out the Main Street Lending Program, a $75 billion program that targets small and medium-sized businesses impacted by the economic downturn of COVID-19. The Program will operate through three facilities: the Main Street New Loan Facility (MSNLF), the Main Street Priority Loan Facility (MSPLF), and the Main Street Expanded Loan Facility (MSELF). The lender registration is now open for eligible borrowers to apply. To learn more about the program, click here

Amid the roll out of the Main Street Lending Program, the Reserve Board announcedthat it will be seeking public feedback on its recent proposal that will expand the lending program to provide access to credit for nonprofit organizations. In short, the expansion would offer loans to small and medium-sized nonprofits that were in sound financial condition before the coronavirus pandemic and could benefit from additional liquidity to manage through this challenging period. The agency will accept feedback no later than Monday, June 22, 2020. To learn more about the proposal, click hereTo submit feedback on the proposal, click here

June 17, 2020

The Treasury Department and the Small Business Administration (SBA) releasednew material on the Paycheck Protection Program (PPP) loan forgiveness. The agencies posted a revised, borrower-friendly loan forgiveness application along with a new EZ version for sole-proprietorships, borrowers who maintained employees, and wages during the pandemic, among others. To view the new EZ forgiveness application, click hereTo view the updated loan forgiveness application, click here

This afternoon, the House Small Business Committee will hold a hearing tomorrow entitled, "Paycheck Protection Program: Loan Forgiveness and Other Challenges." To view the full hearing notice, click here

Yesterday, Chairwoman Nydia Velazquez (D-NY) and 12 House Small Business Committee Democrats senta letter to the SBA urging the agency to release demographic data of federal small business relief programs. To view the full letter, click here.

June 16, 2020

Leading the day, the Small Business Administration (SBA) reopened the Economic Injury Disaster Loan (EIDL) and EIDL Advance program portal to all eligible applicants experiencing economic impacts due to COVID-19. To view the full news release, click here. To learn more about the EIDL and the advance  program, click here

In other news, the Treasury Department and the Small Business Administration (SBA) issued updated rules for the Paycheck Protection Program (PPP) over the weekend. This new guidance implements changes made by the Paycheck Protection Program Flexibility Act (PPPFA),which was signed into law earlier this month. The new guidance addresses criminal justice reform, forgiveness provisions, and loan maturity, among others.

June 15, 2020

Leading the day, the Treasury Department and the Small Business Administration (SBA) issued updated rules for the Paycheck Protection Program (PPP) over the weekend. This new guidance implements changes made by the Paycheck Protection Program Flexibility Act (PPPFA),which was signed into law earlier this month. The new guidance addresses criminal justice reform, forgiveness provisions, and loan maturity, among others. Prism Group will circulate an updated loan forgiveness guide for client consumption.To view the new interim final rules, click hereTo view the new loan forgiveness application for borrowers, click here

Last Friday, the Federal Reserve System releaseda monetary policy report on the economic state of the nation. According to a wide variety of data, the agency warned that small businesses may need more federal support to weather the economic turndown. To view the full report, click here


June 11, 2020

Today, the Department of Treasury released an interim final rule that amends the initial rules of the Paycheck Protection Program (PPP). The revisions derive from H.R. 7010 the Paycheck Protection Program Flexibility (PPPFA) Actpassed into law last week. To view the full interim changes, click here.

June 10, 2020

On the policy front, yesterday, Senate Majority Leader Mitch McConnell (R-KY) announced that the chamber will most likely not take up another coronavirus relief package before late July. This decision was reportedly fueled by the boost in last week's positive jobs report that showed the addition of 2.5 million jobs to the American economy in May. 

On the small business front, yesterday, Chairwoman Nydia Velázquez (D-NY) and Ranking Member Steve Chabot (R-OH) of the House Small Business Committee sent a bipartisan letter to the Small Business Administration (SBA) requesting additional information on issues regarding the implementation of the COVID-19 Economic Injury Disaster Loan Program (EIDL.) Lawmakers highlighted the lack of the program's transparency and problems with the loan processing time. To view the full letter, click here

In other news, the House Small Business Committee EIDL letter comes as the committee is set to hold a hearing this afternoon titled, "The Economic Injury Disaster Loan Program: A View from Main Street." To watch the hearing live,click here

Today, the Senate Committee on Small Business and Entrepreneurship, will convene a hearing titled, “Implementation of Title I of the CARES Act” with the Small Business Administration's Administrator, Jovita Carranza and the Department of Treasury's Secretary, Steve Mnuchin. The hearing will focus on the implementation of the small business provisions in the CARES Act, including the Paycheck Protection Program (PPP) and the Economic Injury Disaster Loan (EIDL) program. To watch the hearing live,click here

June 9, 2020

Yesterday, the Federal Reserve Board announced changes on its new Main Street Lending Program to further support more small and medium-sized businesses impacted by the COVID-19. Among changes, the Board lowered the minimum loan amount, raised the maximum loan limit, adjusted the principal repayment schedule to begin after two years, and extended the term to five years. The forthcoming loan program, created bythe Coronavirus Aid, Relief, and Economic Security Act (CARES) Act is expected to begin operations soon. To view the full set of changes,click here

June 8, 2020

This morning Jovita Carranza, the Small Business Administration (SBA) Administrator, released a joint statement with Steven T. Mnuchin, U.S. Treasury Secretary, regarding the enactment of the Paycheck Protection Program Flexibility Act (PPPFA). The agencies praised President Trump, Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for passing the bipartisan legislation supporting small businesses participating in the Paycheck Protection Program (PPP). 

In the wake of the new PPFA, the SBA and Treasury Department announced they will soon issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing legislative amendments to the PPP. Ensuing guidance can be expected soon. To read the full statement, click here


June 5, 2020

Below please find AWBC's key takeaways from the Paycheck Protection Program Flexibility Act (PPPFA), that was passed in Congress. If signed by President Trump, these noteworthy changes to the Paycheck Protection Program (PPP) will be made.


Updated June 4, 2020

Yesterday evening, the Senate passed H.R.7010 the Paycheck Protection Program Flexibility Act (PPPFA) of 2020. The provisions in the PPPFA are set to have a major impact on loan forgiveness. Among the key provisions, is a change in the threshold for the amount of PPP funds required to be spent on payroll costs to qualify for forgiveness to 60% of the loan amount. The president is expected to sign the bill into law today. Our analysis of the bill is ongoing; nonetheless, please view a summary below.

June 3, 2020

Yesterday, Republican senators announced that they are focused on reforming the Small Business Administration’s (SBA) Paycheck Protection Program (PPP), increasing funding for state and local government and amending other elements of COVID-19 relief bills passed earlier this year. The fourth economic relief package may face delay amid the current negotiations of forthcoming police reform.  


The Federal Reserve's Main Street Lending Program is set to go into operation next week. The new program, created by the Coronavirus Aid, Relief, and Economic Security(CARES) Act, is slated to help midsized businesses with less than 15,000 employees or have under $5 billion in annual revenue impacted by the COVID-19 crisis. In recent days, lawmakers and prospective-applicants have warned the Federal  Reserve about the already high interest rates and loan repayment guidelines. To view the full program's description,  click here.


June 2, 2020

Yesterday, Senate Majority Leader, Mitch McConnell (R-KY) announced that the chamber will take up a vote on H.R. 7010the  Paycheck Protection Program Flexibility Act (PPPFA ) soon. The bipartisan bill passed the House with wide-support last week. Among other noticeable changes, the legislation is set to extend the program's loan covered period to 24 weeks and amend the program's end date from June 30th to December 31st, 2020. To view the bill summary,click here

May 29, 2020

Yesterday, the Small Business Administration (SBA) and Treasury Department announced that $10B of the remaining Paycheck Protection Program (PPP) funds will be exclusively reserved for Community Development Financial Institutions (CDFIs.) To view the full breakdown of PPP approved loans made as of this week,  click here.


On the legislative front, yesterday the House passed H.R. 7010the Paycheck Protection Program Flexibility Act (PPPFA) of 2020. This bipartisan legislation authored by Reps. Dean Phillips (D-MN) and Chip Roy (R-TX) received near-full bipartisan support. Among other changes to the PPP, the bill is set to extend the covered forgiveness period from eight (8) weeks to 24 weeks and reduce the 75/25 requirement to a 60/40 rule.  While Senate Small Business Committee Chairman, Marco Rubio (R-FL) has several objections to the House bill, the Senate is likely to vote on the bill upon their return next week. 


May 28, 2020


This afternoon, the House is set to voteon  H.R. 7010 the Paycheck Protection Program Flexibility Act of 2020, a bill that will amend the signature CARES Act program. The bipartisan legislation modifies the eligible expense rule from 75/25 to 60/40 for borrowers and adjust the loan covered period from eight (8) weeks to 24 weeks. 


Also today, the House Committee on Small Business Subcommittee on Contracting and Infrastructure will hold a virtual forum, providing an opportunity for Members to hear how small businesses have been able to pivot their business models, through the counseling and training of their local Small Business Development Centers (SBDCs), to survive during the COVID-19 pandemic. To watch, click here.


May 26, 2020

On the Paycheck Protection Program (PPP) front, the Small Business Administration (SBA) has  approved more than 4.4 million PPP loans totaling more than $511 billion. As of Saturday, May 23rd, the signature loan program close to $138 billion remaining in additional funding.


Most notably, over the weekend, the SBA released additional guidance on the PPP loan forgiveness application. The release covers revision procedures , including borrower and lender procedural responsibilities. Prism Group will circulate an updated PPP loan forgiveness guide with this information to better equip loan borrowers. To view the current guideclick here,and to view the interim loan forgiveness guidance,  click here.


May 22, 2020

The Senatereached a deal on a bill that will narrowly amend the Paycheck Protection Program's (PPP). However, the chamber is not scheduled to take up a vote on the bipartisan measure until their return in June. The Paycheck Protection Extension Act  would add  new legal protections for lenders, extend the covered loan period to 16 weeks from 8 weeks, and allow businesses to use loans to purchase personal protective equipment for employees.


May 21, 2020

Senate Small Business Committee Chairman, Marco Rubio (R-FL)  mentioned that he will focus on passing a narrow bill that will amend the Paycheck Protection Program's (PPP) eight (8)-week provision. This announcement comes as the House is slated to take up a vote on  the Paycheck Protection Flexibility Actnext week. This bipartisan bill is expected to modify the eight (8)-week period, eliminate the 75%/ 25%, and extend the required June 30th rehiring deadline.

The Committee on Small Business Subcommittee on Innovation and Workforce Development held  a virtual forum where the Committee heard from policyholders and interested stakeholders about small businesses concerning business interruption coverage.

May 20, 2020

Next week, The House is expected to take up a vote on the Paycheck Protection Flexibility Act. This bill is expected to provide flexibility in how PPP recipients spend their loans while still being able to have the loans forgiven. The legislation would give businesses 24 weeks to spend the money instead of eight. It would also eliminates restrictions on 75/25 rule. If this vote takes place, lawmakers may have an incentive to delay negotiations on the next stimulus bill.  Read more here.

Updated May 19, 2020

Please click the below link to review AWBC's breakdown of the new PPP Loan Forgiveness Guidelines:


Updated May 17, 2020

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

The Small Business Administration (SBA), in collaboration with the Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application. 

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

These documents will help small businesses seek forgiveness at the conclusion of the eight week covered period.

May 15, 2020

The Department of Treasury released updated guidance on PPPloans via  Frequently Asked Questions (FAQs.) The new guidance provides a breakdown of how the SBA will review a borrowers' good-faith certificate concerning their loan requests. Notably, the updated guidance mentions that PPP participants that borrowed less than $2 million will be deemed to have met the required certification of good-faith. To view the full updated document,  click here

May 8, 2020

While we await further guidance from the SBA and Department of Treasury on PPP loan forgiveness requirements, please refer to the below one pager for the WBC community. 


May 4, 2020

The SBA  announced  that EIDL loans will be limited for agricultural-based businesses only. This changes goes in tandem with the SBA’s implementation of a $150,000 limit on the size of loans. This amount is a significant change to the original limit of $2 million that has previously been widely recognized.


April 23, 2020

The House is  expected to vote on the CARES Act 2.0 today . Theinterimdeal will add an additional$320 billion to thedepleted Paycheck Protection Program (PPP), $60 billion for Economic Injury and Disaster Loans (EIDL), $75 billion for hospitals and $25 billion to broaden testing. The president is expected sign the relief package into law this week.


April 22, 2020

As Congress works to provide additional funding for the EIDL loan program, the SBA released  state by state data on disbursed COVID-19 EIDL funds. As of Monday, April 20 , the agency has approved 27,000 loanscosting $5.5B in total. This releasecomes as the Departmentexperienced a data breach in the disaster loan application portal, which affected 8,000 loan applicants in March.

Yesterday, over 20 small business organizations sent a letter to Congressional leadership urging policymakers to  make necessary changes to the PPP program  to better reflect the needs of smallbusinessesaffected by the national health emergency. Several of the letterrequests  include:

  • Extend the duration of the program through December 31, 2020. 
  • Remove funding uncertainty. 
  • Increase borrowing limits so businesses can withstand an extended period of lost revenues and operational disruption. 
  • Expand the list of covered expenses.
  • Extend covered period for loan forgiveness.
  • Make re-hiring deadline contingent on when the loan commences.


April 21, 2020 

Senate lawmakers have passed CARES Act 2.0. The House is expected to vote on the interim relief funding on Thursday. If this timeline is correct, the package will most likely be signed by the president no later than Friday.

April 17, 2020

The authorization limit of the PPP has reached the maximum amount appropriated by Congress. The SBA will not be able to accept any new loan applications for the Paycheck Protection Program.


On Friday, April 17, Senate Small Business Chairman, Marco Rubio (R-FL) sent a letter to the Department of Treasury and the SBA. In the letter, Senator Rubio urged both agencies to release further guidance on the PPP program.


Congressional leaders and the Trump administration are working towards  a bipartisan deal that will appropriate additional funding to the Paycheck Protection Program (PPP), Economic Injury Disaster Loan program (EIDL), and hospitals, among others.

Prior to the allocated loan amount being reached, small businesses and eligible nonprofit organizations, Veterans organizations, and Tribal businesses described in the Small Business Act, as well as individuals who are self-employed or are independent contractors, were eligible to apply if they also meet program size standards .

    • For a top-line overview of the program, from the Treasury Department CLICK HERE
    • For SBA's Information on PPP, click HERE
    • If you’re a borrower, more information can be found HERE 
    • The application for borrowers can be found HERE


    Apply for SBA's Economic Injury Disaster Loan (EIDL)





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