Those who are ready to submit Paycheque Protection Program loan forgiveness requests can now do this.
the Small business management announced Wednesday August 12 the opening of online portals for lenders willing to file loan forgiveness requests on behalf of PPP borrowers.
While some borrowers have used up all of their funds over the past few months and are ready to submit remittance documents, it appears that many can take advantage of an option created by the PPP Flexibility Law to use the funds until the end of 2020.
Originally, the loans were to be used over an eight-week period, but the PPPFA, signed in June, extended that period to 24 weeks after a loan was issued or until December 21, 2020, depending on the first possibility. Among other things, the PPPFA also reduced the level of expenditure required on the payroll (to be fully eligible for loan cancellation) to 60% from 75%. Here are some other updates regarding PPP:
• The PPP was closed for new requests and adjustments to existing requests at the end of the day on August 8. Revised figures from the SBA show that the PPP has provided more than 5.2 million loans totaling more than $ 525 billion in the United States as of August 8. includes 149,144 loans totaling $ 18.5 billion in Ohio, a slight increase from the 140,277 loans totaling $ 18.3 billion originally announced last month.
• Like before reported in our PPP analysis, Ohio claimed nearly 2.9% of all PPP loans issued in the United States and 3.5% of all dollars loaned.
• In the end, only about 15% of all small businesses in Ohio received P3 loans.
• The SBA has revised the online FAQ pages for both the overall program, thinking of both lenders and borrowers, and the forgiveness process. For borrowers, any inquiries or concerns not addressed in these FAQs should be directed to their respective bankers or loan providers.
• The Department of Homeland Security’s Cybersecurity & Infrastructure Security Agency has issued an alert warning borrowers to be aware that some unknown hackers have already been noticed. Spoof SBA COVID-19 Rescue Webpage via phishing emails that “include a malicious link to a bogus page used for malicious redirects and credential theft”. One of the reported senders of these phishing emails is [email protected][.]government. According to the alert, the fake website they are sending someone to looks like an SBA login page but has a URL that looks like http: leanproconsulting.com.br/gov.covid19relief/sba/gov/. You can read the full alert and additional details here.
• You can find more of our PPP coverage through the following links, which touch on a variety of topics, including: main beneficiaries of PPP funds by sector in the state; ranking of the best lenders throughout Ohio and northeastern Ohio itself; law firms rake in millions of dollars in PPP loans; whether minorities have had difficulty accessing PPP, as loan advocates suggest, and why racial equity in the program is impossible to assess at the moment; how PPP has become a ripe target for cheaters, as apparently recently demonstrated by a an alleged $ 24 million PPP fraud scheme revealed by federal agents allegedly discovered after two northeastern Ohio men were investigated after attempting to deposit funds from a PPP loan – which they are accused of illegally requested / received under the guise of a Solon company – on a Fifth Third Bank account.
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