New SBA form makes it easier to apply for PPP forgiveness

Businesses across the country are seeking forgiveness for over $ 500 billion in Paycheck Protection Program loans made so far. This week, the Small Business Administration, in consultation with the Treasury Department, released a streamlined application form intended to cut down on paperwork surrounding the pardon process.

The forgiveness process seemed to be quite complicated at first, said Natasha Crosby, who owns a real estate company in Virginia. So when the Treasury three page “EZ” form came out this week, Crosby was hopeful.

“It’s like a handful of questions here – seven lines, eight lines,” Crosby said. “It sure sounds a lot easier. “

ASB said borrowers can use the short form if they are self-employed or if their company has not reduced employee salaries by more than 25%.

Matt Hetrick, of the accounting firm Harmony Group, said these companies would likely get their loans canceled entirely.

“Anyone who uses EZ says, look, I’ve spent the money and nothing I’ve done will reduce the amount of that money you’re going to forgive,” Hetrick said.

But the EZ app doesn’t address many small business concerns, said Jackie Laundon, who heads a public health consulting firm. She is not sure if she can use the form if she spent her loan on health insurance premiums or some utilities.

“I’m on accounting websites and blogs every other day trying to figure out what exactly I’m going to qualify for,” she said.

And even to submit a PPP request, borrowers have to go through their banks. Laundon said his lender has not started accepting the requests.

“What they have on their website is that they are working internally to process SBA guidelines, so it will ultimately be easier for all of their applicants to ask for a pardon,” Laundon said. . She wants to apply as soon as she can, she added, so she doesn’t have to worry about the loan anymore.

Why are consumer prices increasing?

Some shoppers may have noticed that their grocery bills are higher lately. Energy prices and used cars and trucks are also on the rise. Jayson Lusk, head of the agricultural economics department at Purdue University, said several factors had pushed up food prices, including China which recently bought more American products, more drivers and challenges related to the pandemic in supply chains and the workforce. In addition, wages are on the rise, even though productivity increased faster as labor compensation for decades. “I expect inflation to probably continue for the next six semesters, at least,” Lusk said.

Learn more about inflation here.

What do the CDC’s most recent mask guidelines mean for stores and their workers?

By now you’ve heard the news on these tips: People with vaccines no longer need to wear a face mask indoors in most settings. Yet local governments and businesses are allowed to demand them. The mask warrants were tricky, even dangerous, so that public enterprises can navigate. Retail workers across the country have been harassed and physically assaulted while applying the mask mandates. “The updated guidelines created an impossible situation for retailers, ”said Lisa LaBruno, senior executive vice president of retail operations and innovation with the Retail Industry Leaders Association. “There is now an ambiguity in expectations, both from members of the retail team and from customers.

Why do you have to be unemployed for more than six months before you are classified as “long-term unemployed”?

After all, people are starting to feel the the stress and financial hardship of long-term unemployment before reaching the 27 week mark. According to the latest data from the Bureau of Labor Statistics, 4.2 million Americans are long term unemployed. Patrick Carey, deputy commissioner in the Bureau of Employment and Unemployment in the Bureau of Statistics, has an explanation. “The break of 27 weeks or more fits well with the maximum length of time many states offer regular UI benefits,” Carey said.

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