Discover and read the best of Twitter Threads about #EIDL
Most recents (9)
Quick #SmallBiz Overview on #HeroesAct2:
- #PPP extended until 12/31/2020
- New PPP #SetAsides for: (A) Businesses with fewer than 10 employees (including self-employed); (B) Nonprofits, Hotels, Restaurants, Franchisees, and SBIC-funded; and (C) Supplemental Draws on PPP . . .
- #PPP extended until 12/31/2020
- New PPP #SetAsides for: (A) Businesses with fewer than 10 employees (including self-employed); (B) Nonprofits, Hotels, Restaurants, Franchisees, and SBIC-funded; and (C) Supplemental Draws on PPP . . .
- PPP Reserve for Loans from CDCs
- #EIDL Reform
- Fee Reductions and Subsidies (e.g., Debt Relief Payments) . . .
#HeroesAct2
- #EIDL Reform
- Fee Reductions and Subsidies (e.g., Debt Relief Payments) . . .
#HeroesAct2
- Reallocation of #PPP funds recovered from #SBA audits.
- And, broadly, a whole lot more congressional oversight.
#HeroesAct2
- And, broadly, a whole lot more congressional oversight.
#HeroesAct2
Twice this week, Sec. Mnuchin and @federalreserve Chair Powell have expressed the need for additional aid for #smallbiz, including a second disbrusement of #PPP loans — even suggesting targeted aid for restaurants, hotels, and other specific industries . . .
The next #COVID19 stimulus will likely have additional aid for #smallbiz, but with additional segmentation and requirements.
- Biz with less than 20 ppl
- Restaurants & Hotels (i.e. Sector72)
- #MinorityOwned & Rural Biz
Each will likely have a specific carve out in the bill . .
- Biz with less than 20 ppl
- Restaurants & Hotels (i.e. Sector72)
- #MinorityOwned & Rural Biz
Each will likely have a specific carve out in the bill . .
Specific to @federalreserve’s #MainStreetLending programs, we may see modifications on eligibility, personal guarantees, and lender requirements to help unclog this funding channel for #smallbiz and “larger” #SMBs . . .
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Mike Klipper is updating us on the additional relief legislation now being considered by the House. Dems and Reps are "very far apart." The President has dubbed the legislation "Dead on Arrival." #HeroesAct 
As always, our disclaimer, courtesy @MaddreyPLLC
Live tweeting ASMP's Friday Town Hall. @LindseyBest in CA asking @MaddreyPLLC about the problem of jobs shot in 2019 paying in 2020. Maddrey: "This is related to the #W2/#1099 problem. We've read & read & there's no clear guidance. Now we're calling them. We'll get an answer."
Now on to the featured attraction...
First things first...
@KamalaHarris @AyannaPressley the #SOSAct would be a phenomenal step for the smallest businesses across the US. Despite the issues in #PPP and #EIDL, you should consider giving #SBA the program to avoid duplicative efforts.
Treasury has been involved in #PPP from the beginning and likely steered much of the guidance. Treasury is not the solution. #SBA reviews size, affiliation, certifies HUBZones, certifies #Womenowned businesses for other federal programs already.
In 2018, Congress consolidated the review of #Veteranowned biz under #SBA b/c two agencies governed concurrent programs and discord resulted. Don’t make the same mistake here asking Treasury to administer a program concurrent to #SBA programs that requires the same analysis.
Based on @mkraju’s summary, the new stimulus deal will include addition funding for #PPP and #EIDL loans as well as funds set asides specifically for smaller local banks.
The bill also appears to expand #EIDL eligibility to include certain #agriculture businesses, meaning they will likely be eligible for the $10K grant.
- Approx. $310B in funding for #PPP Loans, including
- $30B in loan funding set aside for Insured Depository Institutions and Credit Unions with $10B to $50B in assets
- $30B in loan funding set aside for community banks and other institutions with less than $10B in assets.
- $30B in loan funding set aside for Insured Depository Institutions and Credit Unions with $10B to $50B in assets
- $30B in loan funding set aside for community banks and other institutions with less than $10B in assets.
Some Thoughts on the #PPPloans and other small business stimulus now that the funds have dried up (hopefully temporarily). Some overriding thoughts I have are 1. The method and some of the issues of getting funds out, 2. The purpose of the funds, and 3. Where we go from here. 1/x
On the methodology of the #PaycheckProtectionProgram I know given the data out there that loans seemed skewed towards larger "small" businesses. I think that stems from a number of reasons. The first being just how banks work. 2/x
Banks are generally fairly conservative, risk adverse institutions- particularly post the banking collapse in 2008/2009. Having worked in that industry during that time period, I got to see the impact of this collapse and how banks changed as a result. 3/x
DEVELOPING — U.S. Senate passes $2 trillion stimulus bill that provides expanded unemployment, strategic tax relief, healthcare system support, and enhanced aid for #smallbiz.
Section 1102, for instance, creates the “Payment Protection Program”, providing broader authority for the U.S. Small Business Administration to issue 7(a) loans to eligible small businesses for payroll, health benefits, rent, mortgages, utilities, and other eligible debts.
Section 1106 allows businesses with these 7(a) loans under the Payment Protection Program to seek loan #forgiveness equal to payments for payroll, rent, mortgages, utilities, and interest thereon between Feb. 15, 2020 and June 30, 2020.
Singapore. Cargo ships everywhere. Global economy has stopped. #singapore #cnbc #wuhan #coronavirus #covid19 #shanghai #WHO #CDC #WSJ
“Singapore-China's state-owned CNOOC has declared force majeure on LNG contracts.. as the country's largest LNG importer tackles disruptions in downstream markets in the wake of the coronavirus outbreak.” spglobal.com/platts/en/mark… #wuhan #coronavirus #wsj #cnbc #covid19
“Force majeure clauses rarely mention diseases, but ..provide relief in the event of “acts of government”.. Chinese authorities have ordered lockdowns and closed factories.. so the "act of government" language could allow.. to invoke force majeure straitstimes.com/business/compa…
