Month: April 2020

Small-Business Loan Process Starts Up Again, 100,000 Applications Processed, But Still a ‘Rocky Start’

Reuters Quote: “The relaunch of a government relief program for small firms got off to a rocky start Monday, with lenders reporting being shut out of the overwhelmed U.S. Small Business Administration’s system amid a flood of loan applications and concerns about when struggling companies will get the funding they need.

The SBA said that “unprecedented demand” was slowing down its loan-processing platform, and that there were double the number of users accessing the system compared with any day during the initial round of funding that ended April 16.

SBA supplied update at 3:30

100,000 | Number of applications processed
4,000 | Number of lenders that had participated

Rob Nichols, president and chief executive officer of the American Bankers Association, said in a tweet that his member banks across the country “are deeply frustrated at their inability to access” SBA’s system. He said the association has “raised these issues at the highest levels,” and until they are resolved, banks “will not be able help more struggling small businesses.”

Read story at Gears Jammed Again During Relaunch of Small-Business Relief Program

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Free Webinar | May 5: How Do You Navigate Entrepreneurship In A Time of Uncertainty

Join former NBA superstar Amar’e Stoudemire and PR expert Danielle Sabrina as they discuss their keys to navigating uncertainty.

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Opinions expressed by Entrepreneur contributors are their own.

Entrepreneurs are now left in a period of uncertainty. We really don’t know what tomorrow looks, leaving us so many questions, including:

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Jason Feifer, editor-in-chief of Entrepreneur magazine, sits down with Entrepreneur contributor, Danielle Sabrina and former NBA superstar Amar’e Stoudemire to discuss their keys to navigating uncertainty. Danielle has gone through her share of uncertainty in her career, from transitioning from the youngest Wall Street trader to an unproven publicist. And Amar’e has gone through his rollercoaster rides throughout his NBA and post-NBA career.

You won’t to miss this webinar, as Danielle and Amar’e share their personal experiences to navigating during uncertain times.

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Where’s My Stimulus Check?

Here’s when your payment should arrive.

This story originally appeared on Business Insider

Over 80 million Americans were slated to receive a stimulus payment in the last week, according to a Treasury Department release.

While the IRS is attempting to get payments to people as soon as possible by direct deposit, it’s still going to have to issue paper checks to millions of people who haven’t provided bank details.

If you don’t receive federal benefits, such as Social Security, you can track your stimulus payment on the IRS website, which is updated once a day. Here’s when you can expect your stimulus payment to arrive, based on all the information we have so far.

The schedule is subject to change. This post will be updated to reflect the latest information.

Where is my stimulus check being sent?

Most people who qualify don’t have to sign up or apply for anything to get a payment. If you filed 2018 or 2019 tax return and got a tax refund, the money is being sent to the same account where you received your refund.

If the bank account has been closed, the payment will bounce back to the IRS and they’ll send a paper check to the address listed on your latest tax return or change-of-address filed with the US Postal

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Senate Approves Funding for Small Business Loan Programs, House Vote Expected by Friday

(Note: This is a developing story. It will be updated as the compromise legislation passes the House of Representatives and is signed by the President. Last update: Wednesday, April 22, 2020, 10:11 AM)

Resources | The Guide to Coronavirus Pandemic

After Coronavirus-related small-business loan programs ran out of money last Thursday, Congress has been under pressure to approve follow-up or “interim” funding. Over the weekend, Democrats and Republicans indicated they were close to a compromise spending bill to fund small-business loan programs — including the Paycheck Protection Program and the Economic Injury Disaster Loan program.

Funding included in the spending bill:

$320 billion | Payroll Protection Program
$60 billion | Economic Injury Disaster Loan program
$75 billion | Funding for hospitals’ preparation for coronavirus 
$25 billion | Funding to ramp up coronavirus testing capacity

The Senate passed the bill yesterday (Tuesday) and the House is expected to vote on Thursday with the White House signing after that.


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Free Webinar | April 23: Understanding the Small Business Relief Package

Congress just passed a roughly $480 billion relief package, including over $300 billion in the Paycheck Protection Program.

1 min read

Opinions expressed by Entrepreneur contributors are their own.

Congress just passed a roughly $480 billion relief package, including over $300 billion in the Paycheck Protection Program.

Mark J. Kohler and Matt Soreson, nationally respected tax lawyers, will guide you through the extended Paycheck Protection Program. During this webinar, Mark and Mat will cover:

  • How can you apply quickly?
  • Who is eligible?
  • What are the terms?

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Hosted by Mark J. Kohler, CPA, attorney, co-host of the podcast Refresh Your Wealth, senior partner at the law firm of KKOS Lawyers and the accounting firm of K&E CPAs, and author of The Tax and Legal Playbook, 2nd Edition and The Business Owner’s Guide to Financial Freedom. Mark will be joined by Mat Sorenson, CEO of Directed IRA, a partner at KKOS Lawyers, best-selling author and a self-directed retirement investor.

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80% of Small Business Loan Applicants Are Still Waiting

In a recent survey of small business owners, 65% of the participants said they don’t believe the economy will fully return to “normal” until 2022 or later.

Findings from an NFIB Research Center survey released yesterday (Monday, 4.20.2020) revealed that most small business owners surveyed are still waiting to hear about their application status in the Paycheck Protection Program and the Economic Injury Disaster Loan program. The survey took place on April 17, the day after the programs ran out of money.

“Small businesses were prepared and ready to apply for these programs, the only financial support options for most. It is very frustrating that the majority of these true small businesses haven’t received their loans yet. Small businesses make up nearly half of the economy and it’s crucial that their doors stay open.”

Holly Wade
NFIB Director of Research & Policy Analysis

Key Findings of the Survey:

75% | Percentage of survey participants (almost all employer businesses) had submitted an application for a PPP loan as of April 17. (When the survey took place.)

20% | Percentage of submitted applications that were fully processed with funds deposited in the borrower’s account.

80% | Percentage of applications that are still waiting, many not knowing where they are in the process.

40% | Percentage of the small business owners who

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