Exception Tracking Spreadsheet (TicklerTrax™)
Downloaded by more than 1,000 bankers. Free Excel spreadsheet to help you track missing and expiring documents for credit and loans, deposits, trusts, and more. Visualize your exception data in interactive charts and graphs. Provided by bank technology vendor, AccuSystems. Download TicklerTrax for free.
Administration tweaks PPP for small business
The White House has issued a Fact Sheet to announce reforms to build on the success of the Payroll Protection Program by further targeting the program to the smallest businesses and those left behind in previous relief efforts. About $150 billion of the PPP funds are still available, but the program is currently scheduled to end March 31, 2021.
The reforms announced in the Fact Sheet include:
- Instituting a 14-day period, starting February 24, during which only businesses with fewer than 20 employees can apply for relief through the Program
- Revising the loan calculation formula for sole proprietors and independent contractors to offer more relief, and establishing a $1 billion set aside for businesses in this category without employees and located in low- and moderate-income areas
- Consistent with a bipartisan bill in Congress, eliminating a restriction that bars small business owners with prior non-fraud felony convictions from the program
- Eliminating a restriction that bars small business owners who are delinquent on their federal student loans from the program
- Clarifying that non-citizen small business owners who are lawful U.S. residents may use ITINs to participate in the program
The Small Business Administration has confirmed it will take the actions described by the White House. The 14-day exclusivity period will begin tomorrow, February 24, 2021, at 9 a.m.; the other four changes will be implemented by the first week in March.