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The California Apartment Association has asked the U.S. Small Business Administration to ensure that rental housing owners are included in its COVID-19 relief efforts.
The Small Business Administration manages the federal government’s Paycheck Protection Program, part of the CARES Act stimulus program. The PPP is providing forgivable loans of up to 2.5 times average monthly payroll costs to small businesses affected by the COVID-19 pandemic. These includes sole proprietors and the self-employed.
But under pre-existing rules governing the SBA, the federal government considers many landlords to be “passive businesses,” which generally makes them ineligible for SBA loans.
In a letter… Read More
Small businesses suffering financial hardships due to COVID-19, including the rental housing industry and companies that serve that industry, will soon get another chance to obtain loans under the federal government’s Paycheck Protection Program, or PPP, and the Economic Injury Disaster Loan Program.
Congress on Thursday approved a $484 billion stimulus plan that includes about $380 billion to replenish the PPP, which ran out of money last week, just days after its debut.
The PPP aims to help businesses with 500 or fewer employees, including sole proprietors, independent contractors and people who are self-employed, by providing a forgivable loan of… Read More
Tagged: COVID-19
Banks on April 3 started processing applications from small businesses seeking paycheck-protection assistance under the $2.2 trillion stimulus package signed into law last week, according to Treasury Secretary Steve Mnuchin.
The Coronavirus, Aid, Relief, and Economic Security Act (CARES Act) features a program to provide cash-flow assistance to small businesses with 500 or fewer employees, including sole proprietors, independent contractors, and self-employed persons.
This cash flow comes in the form of a loan of up to $10 million, which can be fully forgiven if the funds are used for specified costs and if employees and employee salaries are maintained. Also,… Read More
Tagged: COVID-19