New guidance reaffirms that partnerships (including LLCs) are eligible for PPP loans but clarifies that an individual partner in a partnership (or member of an LLC) may not submit a separate PPP loan application as a self-employed individual.
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Congress and the Trump Administration should act quickly to add a fresh infusion of cash into the COVID-19 disaster loan program for small businesses known as Paycheck Protection Plan after the initial $349 billion ran out on Thursday.
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North Carolina small businesses have landed some $5.7 billion in emergency loans through the COVID-19 emergency loan program know as Paycheck Protection Program.
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The law firm Allen Stahl + Kilbourne has compiled a list of financial institutions across North Carolina that are participating in the Small Business Administration’s Paycheck Protection Program.
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New guidance from the Small Business Administration opens the way for more venture capital-backed startups to apply for Paycheck Protection Program loans, but there is a cost for investors.
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The Federal Reserve is temporarily letting Wells Fargo out of the penalty box, freeing the troubled bank to aggressively lend to small businesses struggling to survive the coronavirus crisis.
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Small businesses across NC have hit banks with what the head of the North Carolina Bankers Association calls “overwelming” demand for federally backed loans. But Peter Gwaltney says members are rallying to the challenge by beefing up technology resources while still waiting for crucial guidance from the Small Business Administration.
Read MoreBank of America began accepting loans online for the Paycheck Protection Program early Friday morning, ahead of other major banks such as Wells Fargo, JP Morgan Chase and Citigroup. And BofA CEO Brian Moynihan told CNBC some 10,000 applications were made in the first hour.
Read MoreIt’s as if small business owners are lined up for the start of the Indy 500 as the flag drops Friday for $350 billion in loans through the federal government’s $2 trillion coronavirus economic relief package.But banks say they may not be ready.
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