Welcome to the Small Business Rundown. Each day, we bring you stories that impact small business owners and their workforce.
Small Business News Highlights for August 12:
- PPP ends with $134 billion in untapped funds as loan forgiveness begins
- Republicans and Democrats still unable to reach agreement on stimulus
- A brief overview VP candidate Kamala Harris’ business-related legislative record
PPP ends with $134 billion in untapped funds as loan forgiveness begins
“Things will probably continue to change. Do you really want to be the guinea pig?”
The Small Business Administration (SBA) stopped accepting applications for the Paycheck Protection Program (PPP) earlier this week, despite over $130 billion in unallocated funds. The SBA must return this money to Congress — unless they authorize another use for the untapped resources.
Meanwhile, the next phase of the PPP has begun: loan forgiveness. In order to receive loan forgiveness, borrowers must prove that they spent over 60% of the money on payroll expenses. Many accountants note, however, that SBOs are not rushing to submit their application to have their loan forgiven. Instead, they are waiting to see if Congress makes any changes to the criteria in the next round of stimulus legislation.
Congress unable to reach agreement on stimulus
“Democrats have compromised. Repeatedly, we have made clear to the Administration that we are willing to come down $1 trillion if they will come up $1 trillion.”
SBOs waiting for Congress to act could be waiting for a while, however, as all reports indicate that negotiations have broken down completely between the 2 sides of the aisle, with Congressional Democrats saying the White House refuses to budge on their positions.
A brief overview of VP candidate Kamala Harris’ business-related legislative record
“While many of her bills remain in the early stages of the legislative process and have not been enacted, she has tackled everything from holding Wall Street executives’ feet to the fire to ensuring the financial system is prepared for climate change.”
California Senator Kamala Harris made history when Joe Biden picked her to be his running made earlier this week. Now that Harris’ name is once again in the running for the White House, every interest group is looking carefully at her record.
Although Senator Harris is the junior senator from California and much of her proposed legislation has not been passed or even voted on, this article provides an overview of some of the policies and programs impacting business that she has supported in the past, including the Accountability for Wall Street Executives Act.