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Financing

Accountants Urge Patience On Applying for PPP Forgiveness

  • Clarification on Paycheck Protection Program forgiveness likely to arrive after latest round of COVID-19 legislation
  • Accountants urge borrowers not to rush applications for PPP forgiveness due to dynamic situation
  • Watch out for the 10-month mark, when the loan can no longer be forgiven
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Main Street Lending Program Modified to Expand Credit Access for Nonprofits

  • Federal Reserve Board modifies Main Street Lending Program to improve credit access for nonprofits such as educational services, hospitals, and social service organizations
  • New and expanded loan options available
  • Loan conditions generally mirror those of for-profit organizations
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Small Business Loan Approval Rate Improves In June

  • The approval rate for small business loans from big banks increased from 11.5% in May to 13.5% in June, according to the Biz2Credit Small Business Lending Index.
  • The approval rate was higher among smaller banks, increasing from 16.9 percent in May to 18.4 percent in June.
  • Approval rates at institutional lenders and credit unions rose slightly.
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Joe Biden Proposes $700 Billion ‘Buy American’ Campaign

  • Joe Biden is proposing sweeping new uses of the federal government’s regulatory and spending power to bolster U.S. manufacturing and technology firms.
  • Plan calls for $700 billion investment in American goods and services as well as R&D at tech firms
  • Biden has previously pledged other policies such as raising the minimum wage and strengthening collective bargaining
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States Scramble to Assist Businesses Impacted By Pandemic, Compete for Emerging Jobs

  • State economic agencies turn focus to supporting existing businesses impacted by COVID-19 pandemic
  • Loan programs and other relief supplement federal efforts to minimize business closings and layoffs
  • Push for onshoring set to renew competition among states for emerging jobs
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Loan Program Launched for Minority and Women-Owned Businesses in New Haven, Naugatuck Valley

  • State and local leaders announce the launch of the loan program for eligible businesses in Ansonia, Derby and New Haven
  • Qualifying businesses must be owned by women or minorities and employ 20 or fewer people
  • Loans of up to $25,000 available
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Businesses Now Have Until Aug. 8 to Apply for PPP Loans

  • Paycheck Protection Program (PPP) loan deadline extended to Aug. 8
  • $130 billion remains available to applicants after expiration of previous deadline
  • On July 4, President Donald Trump extended the deadline for PPP loan applications for more than another month
  • Loans can be completely forgiven if spent within certain timeframe on approved expenses
Read more
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