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If Frances Perkins could see us now, she’d be rolling over in her grave. To understand why, we must start by talking about who she was. In celebration of Perkins’ 140th birthday, Annalyn Kurtz, writing for CNN, focuses on her advocacy on behalf of...
A long article that explains why we’re not getting paid...
Feds out to bust crooks who stole Billion$ from Payroll Protection Plan
Feds out to bust crooks who stole Billion$ from Payroll Protection Plan
Estimates ranging from $100 billion to over $400 billion have been stolen from Covid-19 unemployment and other pandemic relief programs. The United States Labor Department reported that nearly $90 billion in unemployment benefits alone could have been paid improperly due to fraudulent activities, according to PBS NewsHour. …Investigations have resulted in the seizure of millions of dollars and…
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Payroll expense refers to the number of wages and salaries you pay to your employees. This also includes the cost of all related payroll taxes, health benefits, and social security. The PPP Flexibility Act reduced this to 60/40. You are now allowed to spend 60% of your PPP loan for payroll expenses. The remaining 40% goes to other eligible expenses like mortgage interest, rent, and utilities.
The Payroll Protection Program (PPP) loans helped many companies in the US make it through the Covid 19 disruptions. If you’ve secured a loan, you’re most likely using the funds to keep your employees paid and your business liquid. After you borrow your PPP loan, you will also need to start thinking of getting it paid off.
SBA Lenders Make $692 Million In Duplicate PPP Disbursements To 4,260 Borrowers
SBA Lenders Make $692 Million In Duplicate PPP Disbursements To 4,260 Borrowers
“SBA INSPECTOR GENERAL” “We determined SBA did not always have sufficient controls in place to detect and prevent duplicate PPP loans. As a result, lenders made more than one PPP loan disbursement to 4,260 borrowers with the same tax identification number and borrowers with the same business name and address. These disbursements totaled about $692 million for PPP loans approved from April 3…
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Stimulus Relief Round 2 - Payroll Protection Plan
A much better deal if you qualify for round 2. Listen to this 5 minute podcast for the latest details
The PPP Loan Forgiveness Process: Lessons Learned from the Loan Application Chaos
Most banks and credit unions have managed to weather the worst effects of the pandemic so far. The Small Business Association’s Payroll Protection Program (PPP) was helpful in many respects, at least in terms of limiting the volume of related business closures and employee layoffs.
Financial institutions faced several operational and brand-related challenges as they worked to process the deluge of PPP applications from business owners who were frantic to benefit from the government’s economic lifeline. With 5.2 million loans, worth $525 Billion, issued under the PPP initiative before it expired on August 8th, are banks and credit unions any more prepared to manage the massive loan forgiveness process that’s looming on the horizon? Have those institutions learned anything from the PPP application chaos that will ensure a more effective and less traumatic loan forgiveness experience, both for lenders and business owners?
Read more about what should the PPP forgiveness processing strategy at banks or Credit Unions be based on and how it can be achieved.
