Category Archives: Uncategorized

PAYCHECK PROTECTION PROGRAM FLEXIBILITY ACT

SBA Administrator Jovita Carranza and U.S. Treasury Secretary Steven T. Mnuchin issued the following statement today following the enactment of the Paycheck Protection Program (PPP) Flexibility Act:

“We want to thank President Trump for his leadership and commend Leader McConnell, Leader Schumer, Speaker Pelosi, and Leader McCarthy for working on a bipartisan basis to pass this legislation for small businesses participating in the Paycheck Protection Program.

“We also want to express our gratitude to Chairman Rubio, Ranking Member Cardin, Senator Collins, Congressman Roy, Congressman Phillips, and other members of Congress who have helped to create and guide our implementation of this critical program that has provided over 4.5 million small business loans totaling more than $500 billion to ensure that approximately 50 million hardworking Americans stay connected to their jobs.

“This bill will provide businesses with more time and flexibility to keep their employees on the payroll and ensure their continued operations as we safely reopen our country.

“We look forward to getting the American people back to work as quickly as possible.”

Upcoming Procedures

SBA, in consultation with Treasury, will promptly issue rules and guidance, a modified borrower application form, and a modified loan forgiveness application implementing these legislative amendments to the PPP.  These modifications will implement the following important changes:

  • Extend the covered period for loan forgiveness from eight weeks after the date of loan disbursement to 24 weeks after the date of loan disbursement, providing substantially greater flexibility for borrowers to qualify for loan forgiveness.  Borrowers who have already received PPP loans retain the option to use an eight-week covered period.
  • Lower the requirements that 75 percent of a borrower’s loan proceeds must be used for payroll costs and that 75 percent of the loan forgiveness amount must have been spent on payroll costs during the 24-week loan forgiveness covered period to 60 percent for each of these requirements. If a borrower uses less than 60 percent of the loan amount for payroll costs during the forgiveness covered period, the borrower will continue to be eligible for partial loan forgiveness, subject to at least 60 percent of the loan forgiveness amount having been used for payroll costs.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees for borrowers that are unable to return to the same level of business activity the business was operating at before February 15, 2020, due to compliance with requirements or guidance issued between March 1, 2020 and December 31, 2020 by the Secretary of Health and Human Services, the Director of the Centers for Disease Control and Prevention, or the Occupational Safety and Health Administration, related to worker or customer safety requirements related to COVID–19.
  • Provide a safe harbor from reductions in loan forgiveness based on reductions in full-time equivalent employees, to provide protections for borrowers that are both unable to rehire individuals who were employees of the borrower on February 15, 2020, and unable to hire similarly qualified employees for unfilled positions by December 31, 2020.
  • Increase to five years the maturity of PPP loans that are approved by SBA (based on the date SBA assigns a loan number) on or after June 5, 2020.
  • Extend the deferral period for borrower payments of principal, interest, and fees on PPP loans to the date that SBA remits the borrower’s loan forgiveness amount to the lender (or, if the borrower does not apply for loan forgiveness, 10 months after the end of the borrower’s loan forgiveness covered period).
  • In addition, the new rules will confirm that June 30, 2020, remains the last date on which a PPP loan application can be approved.

CONTACT:

Press_Office@sba.gov, (202) 205-7036

EIDL AVAILABLE TO U.S. AGRICULTURAL BUSINESSES IMPACTED BY COVID-19 PANDEMIC

U.S. Small Business Administration Administrator Jovita Carranza announced today that agricultural businesses are now eligible for SBA’s Economic Injury Disaster Loan (EIDL) and EIDL Advance programs. SBA’s EIDL portal will reopen today as a result of funding authorized by Congress through the Paycheck Protection Program and Healthcare Enhancement Act. The legislation, signed into law by the President one week… Continue Reading

TRIAGELOGIC ASSISTS UNION COUNTY COVID-19 HOTLINE BY SCREENING PATIENTS AND CONNECTING THEM TO PHYSICIANS

TriageLogic, LLC is working with National Diagnostic Services, Inc to provide a COVID-19 hotline in New Jersey. Implementing emergency support solutions like TriageLogic’s 24/7 hotline provides Governor Phil Murphy and his administration the tools they need to help burdened hospitals and identify patients who need further care. TriageLogic has provided New Jersey with operators to screen… Continue Reading

U.S. CHAMBER OF COMMERCE FOUNDATION LAUNCHES FUND WITH VISTAPRINT TO SUPPORT SMALL BUSINESS RECOVERY IN ECONOMICALLY VULNERABLE COMMUNITIES

The Save Small Business Fund is a business-led program to provide supplemental grants to the small business community suffering from the impacts of the COVID-19 pandemic The U.S. Chamber of Commerce Foundation, with founding partner Vistaprint, has launched the Save Small Business Fund, a grant program to provide assistance to small businesses owners impacted by the… Continue Reading

A Message Regarding COVID-19

COVID-19 is temporarily changing the way all of us do business. The safety of our members and staff is our top priority and we as a community need to do our part to combat the spread of this virus. We will move our activities online (temporarily) and utilize a variety of tools to create an engaging online… Continue Reading

TERRI DAVLANTES | JAX BRIDGES SUCCESS STORY

When Terri Davlantes started JAX Bridges in the fall of 2016 she was not sure what she wanted to do. Her concept involved something with food. Healthy home deliveries, maybe? Online content? Today her JAX Cooking Studio offers classes for all tastes and ages and hires professional chefs and dietitians to ensure quality and results.… Continue Reading

Enterprising Women – December, 2018

The JWBC team wishes you a very happy holiday season and New Year filled with peace and prosperity.Thank you for a remarkable year of innovation and expansion. We appreciate our relationship with you and hope that the holidays and coming year will bring you much happiness and success. We look forward to what 2019 holds… Continue Reading

Enterprising Women – November 2018

In the spirit of the season, we are grateful for each of you that make up our JWBC community of clients, sponsors, partners, volunteers, board members and leaders. Your continued loyalty and support is much appreciated as we continue our journey toward becoming a world class business center. Wishing you and your families a very… Continue Reading

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The JAX Chamber Foundation, a 501(c)(3) non-profit organization, was founded in 1978 and serves Northeast Florida in funding workforce development, leadership and entrepreneurial education programs in support of long-term regional prosperity.

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