Latest COVID-19 Updates

With the help of IOPFDA Government Affairs Director, Paul Miller of Miller Wenhold Capitol Strategies, we will regularly post industry-specific COVID-19 news. Check back weekly to stay up to date with all things COVID-19!

Click here to view the CDC's Latest News

May 31

PPP Approvals through 5/30/2020

May 26, 2020

Congress to Act on PPP Loan Forgiveness

May 20, 2020

SBA Releases Additional Guidance on the PPP

Speaker Pelosi will put a bi-partisan bill, introduced by Rep. Dean Phillips (D-MN) and Rep. Chip Roy (R-TX), on the floor after Memorial Day that will make changes to the Paycheck Protection Program (PPP) loans.

Read a summary of the PPP extension

Read the draft of the PPP extension bill

May 18, 2020

Over 120companies have signed onto the Small Business Jump-start America Act headed up by Paul Miller of Miller Wenhold Capitol Strategies and Mike Tucker, President & CEO of IOPFDA.

SBA releases new guidance on loan forgiveness

May 7, 2020

Association Letter to Congress on IRS Double Dipping Provisions

Top Senate Tax Writers Introduce Legislation to Allow PPP Loan Deductions

May 6, 2020

SBA Says $183.5 Billion Stimulus Loans Processed as of Wednesday

May 4, 2020

Latest SBA PPP Data

SBA Stats Update Advisory

Under the PPP loan program, you can’t take the loan plus the tax deductions offered to businesses under Phase 3. That has been according to the IRS, which is correct in reading the way the law reads. Congress is not happy with that because that was not their intent. They want small businesses to take advantage of the PPP plus tax provisions. There is bi-partisan support for this and it will take a legislative correction, which they are looking at.

April 29, 2020

The SBA Announced That its Systems Will Only Accept Loans From Lending Institutions With Asset Sizes Less Than $1 Billion for a Short Time

April 28, 2020

SBA Releases its Latest PPP Guidance

Starting today, Robotic Processing Automation (RPA), which are robotic systems used by some banks to mimic human data entry, may not be used to submit Paycheck Protection Program loans into SBA’s E-Tran loan system. RPAs burden the processing system and diminish its capabilities. Without RPAs, the loan processing system will be more reliable, accessible, and equitable for all small businesses.

As of EOD yesterday, the SBA has processed more than 100,000 PPP loans by more than 4,000 lenders
Unprecedented demand is slowing E-Tran response times. Currently, there are more than double the number of users accessing the system compared to any day during the initial round of PPP.

April 27, 2020

SBA Loan Systems are Now Accepting PPP Loan Applications!

Latest PPP FAQ

April 24, 2020

The SBA Releases its Latest PPP Frequently Asked Questions

SBA Releases New Guidance on PPP pertaining to Promissory Notes, Authorizations, Affiliations, and Eligibility

April 22, 2020

Paycheck Protection Program Increase Act of 2020 - Phase 4

SBA Data Breach

SBA 7a Loan Program has Been Compromised

April 21, 2020

SBA Loan Program Facts and Figures

SBA PPP Alert

SBA EIDL Advance Update

April 20, 2020

White House Releases Joint Statement on Guidance for Reopening Federal Agencies

April 17, 2020

SBA's Latest Update on PPP Loan Recipients

April 16, 2020

SBA's Latest Update on PPP Loans

April 15, 2020

IRS Launches Second Web Tool to Expedite Stimulus Payments

April 14, 2020

SBA PPP Guidance Update

SBA PPP Updated FAQs

April 10, 2020

The IRS launches an online platform for non-filers to receive their stimulus rebates.

The IRS Issues Guidance on Newly Expanded 'Net Operating Loss' Break

April 9, 2020

The Senate failed to reach a deal this morning on an additional $250 billion in funding for small businesses. Click here to read a summary of the new House and Senate Democratic proposal.

April 6, 2020

New COVID-19 Resources from DoD and GSA

April 2, 2020

On April 2, 2020, the U.S. Small Business Administration (SBA) issued an interim final rule (the Initial Rule) announcing the implementation of sections 1102 and 1106 of the Coronavirus Aid, Relief, and Economic Security Act (CARES Act or the Act). Click here to read the FAQ page.

April 1, 2020:

The Small Business Administration (SBA) Announces the Opening Paycheck Protection Program (PPP)

March 30, 2020:

U.S. Department of Labor releases updated FMLA FAQ webpage

March 27, 2020:

NDIA COVID-19 Small Business Impacts Survey Results

March 25, 2020:

FEMA: Coronavirus (COVID-19) Pandemic Whole-of-Government Response