Crestmark funded more than $215 million for small businesses through the Paycheck Protection Program (PPP), part of the CARES Act stimulus package.
Companies in bankruptcy do not have access to the Paycheck Protection Program, at least according to the letter of the law. However, the issue has become less clear as illustrated by the decisions in In re Hidalgo and In re Cosi Inc. Howard M. Berkower and Franklin Barbosa Jr. of McCarter & English take a closer look at those decisions and how their inconsistencies muddy the waters.
Biz2Credit’s funding affiliate was approved as a lender for the SBA Paycheck Protection Program established under the CARES Act. This makes Biz2Credit a fintech approved by the SBA as a non-bank lender under the PPP.
The Federal Reserve expanded access to its Paycheck Protection Program Liquidity Facility to additional lenders and expanded the collateral that can be pledged. The Fed also broadened the scope and eligibility for the Main Street Lending Program.
The AICPA released recommendations on the appropriate documents and calculations that small businesses should use to qualify for loan forgiveness under the Paycheck Protection Program, including aligning the eight-week coverage period with the beginning of a pay period.
BlueVine is partnering with FLEETCOR Technologies to help businesses apply for government relief funding through the Small Business Administration’s Paycheck Protection Program.
According to a survey from Builders + Backers and Her Corner, women business owners were passed over in several significant ways throughout the Payroll Protection Program process, leaving them unable to take full advantage of the program.
Sky Bridge Business Funding made its 100% digital application available to help small business owners with the process of applying for Small Business Administration-backed Paycheck Protection Program loans.
Biz2Credit will offer its Biz2X Accelerate SBA platform free of charge to banks and credit unions with assets under $10 billion that are offering Paycheck Protection Program loans.