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New Changes to WOSB Starting on July 15, 2020

New Policy Updates to the PPP Program

SBA and Treasury have released new policy updates to the PPP program. In particular, this rule updates and clarifies the forgiveness procedures from the PPP Flexibility Act and the new forgiveness forms. Please READ this rule and the new forgiveness applications.

Highlights from the Rule:

  • Businesses may apply for forgiveness at any time during the Covered Period once they meet the requirement for forgiveness. They do not have to wait until the end of the 24 weeks.
  • Clarifies the amount that Owners may pay themselves under the new Rule.
  • FTE safe harbor for businesses that can document in good faith an inability to return to the same level of business activity as the borrower was operating at before February 15, 2020, due to compliance with requirements established or guidance issued between March 1, 2020 and December 31, 2020 related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID-19 (COVID Requirements or Guidance).

PPP Interim Final Rule – Revisions to Loan Forgiveness Interim Final Rule and SBA Loan Review Procedures Interim Final Rule: https://www.sba.gov/document/policy-guidance-ppp-interim-final-rule-revisions-loan-forgiveness-interim-final-rule-sba-loan-review-procedures

Loan Forgiveness Forms: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program#section-header-8

Any Questions Contact:

Dan Rickman, Deputy District Director Upstate New York

U.S. Small Business Administration
(315) 471-9393

SBA and Treasury Announce New PPP EZ Forgiveness Application

ATLANTIC REGION  New York, New Jersey, Puerto Rico & U.S. Virgin Islands

Release Date: June 17, 2020                              

SBA and Treasury Announce New PPP EZ Forgiveness Application

Revised Full Forgiveness Applications Also Available

WASHINGTON—Today, the U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, posted a revised, user-friendly Paycheck Protection Program loan forgiveness application implementing the PPP Flexibility Act of 2020. In addition to revising the full forgiveness application, the SBA also published a new “EZ” version of the forgiveness application applying to borrowers who:

  • Are self-employed and have no employees; OR
  • Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
  • Experienced reductions in business activity as a result of health directives related to COVID-19 and did not reduce the salaries or wages of their employees by more than 25%

“This is great news for small businesses,” said SBA Regional Administrator Steve Bulger, who oversees agency operations in the Atlantic and Mid-Atlantic regions. “The EZ application requires fewer calculations and less documentation, which makes the process much less intimidating. I’m sure this will go a long way toward improving access and helping us distribute the remaining PPP appropriations to support small business owners and their employees.”

 

Details regarding the applicability of these provisions are available in the instructions to the new EZ application form.  Both applications give borrowers the option of using the original 8-week covered period (if their loan was made before June 5, 2020) or an extended 24-week covered period.  These changes will result in a more efficient process and make it easier for businesses to realize full forgiveness of their PPP loan.

 

Click here to view the EZ Forgiveness Application.

Click here to view the Full Forgiveness Application.

 

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Matt Coleman

Regional Communications Director

U.S. Small Business Administration

Atlantic Region: New York, New Jersey, Puerto Rico & U.S. Virgin Islands

matthew.coleman@sba.gov | @SBAatlantic

 

For detailed information on SBA programs for the coronavirus, please visitwww.sba.gov/coronavirus and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Españo

SBA and Treasury Announce New and Revised Guidance Regarding the Paycheck Protection Program

Jovita Carranza

The U.S. Small Business Administration, in consultation with the U.S. Department of the Treasury, issued new and revised guidance for the Paycheck Protection Program (PPP). This guidance implements the Paycheck Protection Program Flexibility Act (PPPFA), signed into law by President Trump on June 5, 2020, and expands eligibility for businesses with owners who have past felony convictions.

To implement the PPPFA, SBA revised its first PPP interim final rule, which was posted on April 2, 2020.  As described in detail in our announcement on June 8, 2020, the new rule updates provisions relating to loan maturity, deferral of loan payments, and forgiveness provisions.

In addition, as an exercise of SBA’s policy discretion in furtherance of President Trump’s leadership and bipartisan support on criminal justice reform, the eligibility threshold for those with felony criminal histories has been changed.  The look-back period has been reduced from 5 years to 1 year to determine eligibility for applicants, or owners of applicants, who, for non-financial felonies, have (1) been convicted, (2) pleaded guilty, (3) pleaded nolo contendere, or (4) been placed on any form of parole or probation (including probation before judgment).  The period remains 5 years for felonies involving fraud, bribery, embezzlement, or a false statement in a loan application or an application for federal financial assistance.  The application also eliminates pretrial diversion status as a criterion affecting eligibility.

SBA issued revised PPP application forms to conform to these changes.  The guidance and revised application forms are available on SBA’s and Treasury’s websites.  SBA will issue additional guidance regarding loan forgiveness and a revised forgiveness application to implement the PPPFA in the near future.

Click here to view the new Interim Final Rules.

Click here to view the new Borrower Application.

Click here to view the new Lender Application.

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov

New Website for Small Businesses: Resources Related to COVID-19 Pandemic

AWBC has recently launched a new website at the request of U.S. Congress and the SBA to consolidate federal agency information and resources for small businesses related to the COVID pandemic at www.covid-sb.org

SBA Resource Guide Now Digital

YIn light of COVID-19 we’ve been tasked by the SBA to help them get the digital versions online since their so inundated with everything that’s going on.

The SBA has recently approved that digital versions now have hyperlink capabilities, zapier integration, analytics searchable on Google and email capture. I am absolutely thrilled to be able to share this with you.

In the 23 years of the SBA Resource Guides this has NEVER been an option before now.

Click Here for Syracuse District SBA Resource Guide

Women TIES presents: Zoom Meeting “Virtual Prospecting”

As New York State reopens business activities, Women TIES is hosting a Zoom meeting for women entrepreneurs called “Virtual Prospecting” led by one of our long time members Lynn Hidy of UpYourTelesales.com.
This special educational and online networking meeting will help women entrepreneurs learn how to “virtually prospect” since all sales for the moment are inside sales. Join our Virtual Prospecting Presentation for tips on how to find new customers, set first appointments (also virtually), and close deals during the pandemic. This information will also be vital if a second “economic pause” takes place in the fall.
Attendees will be able to give a 30 second/60 second pitch (depending on our final number of guests), receive a sales contact list of attendees post-event for sales follow-up, ask questions, and receive notes from the presentation.
The event is sponsored by the New York Women’s Business Center. The NYWBC is here to help women entrepreneurs through the Coronavirus (COVID-19) Pandemic. If you need information about funding, Paycheck Protection Program, Economic Injury Disaster Loans, questions of where to apply, or any questions or concerns during these difficult times, please contact them at nywbc@aol.com.
The presentation fee will go to Lynn Hidy for her expertise in this area. It is all about “women supporting women!”
Thursday, May 28, 2020
10 a.m. – 11:30 a.m.
Reservations due: May 27
$15.00 (Member Fee: Presentation, 30 Second Pitch, Sales Contact List)
$20.00 (Non-Member Fee: Presentation, 30 Second Pitch, Sales Contact List)
About the Presenter:
Lynn Hidy, the founder of UpYourTeleSales.com, is an expert at creating profitable telesales salespeople and organizations. She knows you can make six figures over the phone – she does it!
Lynn’s 20+ year TeleSales career started with earning a Golden Circle award her first year. Then she moved up to President’s Club status two years in a row. Looking for new challenges Lynn migrated to inside sales leadership roles. Then decided SALES, not management was her cup of coffee and moved back!
Lynn’s sales and business background allow her to easily work with individuals and organizations in finding ways to help them move from good to fantastic. Most of our clients would tell you that the work we do together is not rocket science, but all of it takes effort.
As a trainer, Lynn takes a real-world practical approach to goal setting, skill-building, and performance improvement. As a coach, Lynn asks questions that the client hasn’t considered, or is afraid to ask themselves, and helps to work through roadblocks to find all the answers. As a consultant, Lynn looks at an organization, asks questions around competency and excellence, and creates recommendations that move the clients’ business to the next level.

SBA and Treasury Release Paycheck Protection Program Loan Forgiveness Application

ATLANTIC REGION  New York, New Jersey, Puerto Rico & U.S. Virgin Islands

 Release Date: May 15, 2020                                Contact:  Press_Office@sba.gov, (202) 205-7036

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SBA and Treasury Release Paycheck Protection Program
Loan Forgiveness Application

WASHINGTON—The U.S. Small Business Administration, in consultation with the U.S Department of the Treasury, released the Paycheck Protection Program (PPP) Loan Forgiveness Application and detailed instructions for the application.

The form and instructions inform borrowers how to apply for forgiveness of their PPP loans, consistent with the Coronavirus Aid, Relief, and Economic Security Act (CARES Act).  SBA will also soon issue regulations and guidance to further assist borrowers as they complete their applications, and to provide lenders with guidance on their responsibilities.

The form and instructions include several measures to reduce compliance burdens and simplify the process for borrowers, including:

  • Options for borrowers to calculate payroll costs using an “alternative payroll covered period” that aligns with borrowers’ regular payroll cycles
  • Flexibility to include eligible payroll and non-payroll expenses paid or incurred during the eight-week period after receiving their PPP loan
  • Step-by-step instructions on how to perform the calculations required by the CARES Act to confirm eligibility for loan forgiveness
  • Borrower-friendly implementation of statutory exemptions from loan forgiveness reduction based on rehiring by June 30
  • Addition of a new exemption from the loan forgiveness reduction for borrowers who have made a good-faith, written offer to rehire workers that was declined

The PPP was created by the CARES Act to provide forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic.  The documents released today will help small businesses seek forgiveness at the conclusion of the eight-week covered period, which begins with the disbursement of their loans.

Click here to view the application and instructions. It is also available at www.sba.gov/ppp in the Loan Forgiveness section of the webpage.

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more visit www.sba.gov.

Matt Coleman

Regional Communications Director

U.S. Small Business Administration

Atlantic Region: New York, New Jersey, Puerto Rico & U.S. Virgin Islands

matthew.coleman@sba.gov | @SBAatlantic

For detailed information on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Español).

SBA Issues New Regulations for Women-Owned Small Business Federal Contracting Program

WASHINGTON – The U.S. Small Business Administration today published Women-Owned Small Business  Federal Contracting program regulations that will provide a free, online certification and eligibility application process for women-owned small businesses and economically-disadvantaged women-owned small businesses. The timeline for implementation of changes to SBA’s WOSB program has been delayed to accommodate those affected by the current pandemic.

Starting July 15, 2020, SBA will begin to implement changes consistent with the Small Business Act as amended in the National Defense Authorization Act for Fiscal Year 2015. In addition to the certification requirement for firms seeking WOSB and EDWOSB set-aside contracts, the regulations detail certification options for applicants and require authorized third-party certifiers to notify applicants of their fees and the option to use SBA’s free online certification process.

Below are some important timelines for firms to keep in mind:

The regulations detail important changes to the certification process, including the following:

  • Allows participation from firms certified by the U.S. Department of Veterans Affairs Center of Verification and Evaluations, provided they meet all eligibility requirements;
  • Confirms the continued participation of approved third-party certifiers;
  • Eliminates the self-certification option from sba.gov, effective October 15, 2020; and
  • Adopts a $750,000 net worth standard when assessing economic disadvantage for individuals in the 8(a) Business Development Program (8(a) Program). Additionally, funds invested in official retirement accounts are excluded from the analysis of an economically-disadvantaged individual’s personal net worth in both the WOSB and 8(a) Programs. This makes the economic disadvantage threshold and analysis consistent for EDWOSBs and 8(a) Program participants.

The new WOSB Program regulations will make it easier and more efficient for contracting officers to set aside and make awards to firms certified as WOSBs and EDWOSBs and will better empower agencies to meet the 5% federal contracting goal for women-owned small businesses.

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About the SBA’s Women-Owned Small Business Program

To learn more about how the SBA supports women entrepreneurs, visit www.sba.gov/wosb.

Paycheck Protection Program Funds Still Available Round Two still has over $100 Billion for Borrowers in Need

ATLANTIC REGION  New York, New Jersey, Puerto Rico & U.S. Virgin Islands

 NEW YORK, NY – Billions of dollars in potentially forgivable Payroll Protection Program (PPP) capital remains available to small businesses and nonprofits to help provide eight weeks of payroll and certain overhead to keep workers employed. PPP, created out by the Coronavirus Aid, Relief, and Economic Security (CARES) Act, is responsible for infusing billions of dollars of capital into small businesses nationwide and saving jobs.

The second round, which kicked off April 27, has awarded 2,378,057 loans worth $181,158,888,644 as of close of business on Tuesday, May 5. More than 900K of those loans, worth $57,296,660,188, were issued by small lenders. The average PPP loan size is currently $76,000, a $130,000 reduction from the Round One size, showing the dollars are further assisting mom & pops. SBA forgives the portion of Paycheck Protection loan proceeds used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest. Loan payments may be deferred for one year, and is retroactive from February 15, 2020, so employers can rehire their recently laid-off employees through June 30, 2020.

“The Paycheck Protection Program is working. Small businesses are keeping their employees on payroll and earning salary,” said SBA Atlantic Regional Administrator Steve Bulger who oversees the federal agency’s operations in New York, New Jersey, Puerto Rico and the U.S. Virgin Islands.  “For this federal program to work for you and your employees, I encourage you to submit an application through a PPP-participating bank, credit union, CDFI or online lender.”

Approved Lenders can be found using the SBA Lender Locater at www.sba.gov/ppp.

“Upstate New York small businesses have a lifeline in the Paycheck Protection Program. The funds loaned from your bank or lender will help pay your team’s salaries for 8 weeks and keep your venture intact and well-positioned to not only survive but succeed,” added SBA Syracuse District Director Bernard J. Paprocki. The SBA Syracuse District Office serves 34 upstate New York Counties from the Hudson Valley and Capital Region to the Mohawk Valley, North Country, Finger Lakes and Southern Tier.

Loan forgiveness is based on the borrower maintaining or quickly rehiring employees while maintaining salaries and hours. PPP loans have a maturity of 2 years and an interest rate of 1%. A copy of the PPP borrower application form with all information the federal government requires a small business to provide can be found at: https://www.sba.gov/document/sba-form-2483-paycheck-protection-program-borrower-application-form.

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About the U.S. Small Business Administration

The U.S. Small Business Administration makes the American dream of business ownership a reality. As the only go-to resource and voice for small businesses backed by the strength of the federal government, the SBA empowers entrepreneurs and small business owners with the resources and support they need to start, grow or expand their businesses, or recover from a declared disaster. It delivers services through an extensive network of SBA field offices and partnerships with public and private organizations. To learn more, visit www.sba.gov.

For detailed information on SBA programs for the coronavirus, please visit www.sba.gov/coronavirus and for information on all federal programs, visit www.usa.gov/coronavirus or www.gobierno.usa.gov/coronavirus (en Español).