By Nik Rajkovic
Jan 26, 2021
Many Texas business owners are still struggling to stay afloat and adapt to changing COVID lockdowns, even with a new president in the White House.
Business loan advisor Ami Kassar, CEO of MultiFunding, urges them to seek help through the small business administration.
“If you get an SBA loan up to $9,000 per month, your first six months are completely forgiven. All of your SBA guaranteed fees are forgiven,” he says. “So there are some incredible benefits now to restructure your debt or to get new debt at low rates.”
Many other businesses have grown and are even hiring during the pandemic. Kassar says they need help too.
As PPP re-opens, business owners wonder if it will be different this time
The Paycheck Protection Program, also known as PPP reopened its signup portal today â giving small businesses a chance to get forgivable loans while they continue to navigate the pandemic.
and last updated 2021-01-11 19:57:47-05
CINCINNATI â On Monday, the Paycheck Protection Program (PPP) re-opened its signup portal, giving small businesses a chance to get forgivable loans as they continue to navigate the COVID-19 pandemic.
The program hasn t had the best track record since its inception, and many small and minority-owned businesses have felt alienated by the program in the past, but many still hope this second round will be different.
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The smallest businesses and those owned by people of color were last in line for Covid-19 relief. And they may well be again.
The Small Business Administration, in consultation with the U.S. Treasury, announced Friday that on January 11 it will relaunch the Paycheck Protection Program for borrowers at so-called community financial institutions. That s two full days before the portal opens to second-draw PPP borrowers on January 13. The PPP is now a $284 billion refundable loan offering aimed at struggling small businesses. Eligible second-draw borrowers include businesses that have already exhausted their first PPP loans or will do so soon, have 300 or fewer employees, and suffered at least a 25 percent drop in quarterly revenue from 2020 over 2019.
Update: President Trump signed the $900 billion aid package into law on Sunday, December 27.
If President Trump signs the latest Covid-19 relief bill into law in its current form no guarantee given his erratic tweeting it could usher in hundreds of billions in new aid for small businesses and individuals.
The roughly $900 billion package extends a number of crisis-era small-business programs such as the Economic Injury Disaster Loan program, providing working capital for struggling businesses, as well as the Employee Retention Credit, a tax break that amounts to 70 percent on each employee s first $10,000 in wages per quarter (for as much as $14,000 per employee).
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After weeks of tense negotiations, hand-wringing, and haggling, Congress finally agreed on a new Covid-19 relief bill. Then, on Tuesday evening with many expecting President Trump to sign the $900 billion package into law he tweeted out a video expressing his dismay with a number of elements in the bill, threatening to throttle the deal entirely.
His key issue is with the amount of money going to individuals. I am asking Congress to amend this bill and increase the ridiculously low $600 to $2,000 or $4,000 for a couple, he said. He was referring to the economic impact payments, which would put $600 in the hands of each American earning less than $75,000 in 2019 (or under $150,000 if married and filing jointly) and their kids. He went on to suggest that the bill contained many wasteful and unnecessary items and implored Congress to revise and resubmit the legislation.