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Rep. Loudermilk on Fox Business Discussing How Georgia is Paving the Way for States Re-opening |
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Business Brief: SBA Issues PPP Loan Forgiveness Guidance/Application
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The Small Business Administration (SBA) recently released the Paycheck Protection Program (PPP) loan forgiveness guidance and application. If you received a PPP loan, you must apply for forgiveness by submitting the application below; otherwise, you will have to pay back the loan.
While this program is far from perfect, numbers do matter; and, this program has undoubtedly helped save millions of businesses and jobs around the country. The state of Georgia alone has had more than 126 thousand PPP forgivable loans approved, totaling more than $14 billion. Below is a graphic that summarizes PPP’s impact on the entire country to date.
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From Our Constituent Services' Desk…
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A major part of the CARES Act, passed by Congress in March, was creating direct payments to qualified individuals to be processed through the Internal Revenue Service (IRS). The Economic Impact Payment (EIP), also known as the “stimulus” payment was initially paid by direct deposit. It is now also being issued through check and prepaid debit card.
The IRS has been encouraging people to update their banking and contact information on the “Get My Payment” section of the IRS website. Additional assistance is now available by calling the IRS at 800-919-9835.
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In the News: Powell, Mnuchin Open To Eligibility Tweaks For Fed Programs
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From Law 360:
The heads of the U.S. Treasury Department and Federal Reserve told senators on Tuesday they're keeping an open mind about expanding eligibility for some of the central bank's emergency lending facilities to cover a wider range of companies and collateral.
At a remote hearing of the Senate Banking Committee, Treasury Secretary Steven Mnuchin said he's consulting with the Fed on potentially broadening access to the corporate credit facilities that the central bank has set up to keep credit flowing to larger employers during the COVID-19 pandemic.
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In the News: Georgia congressional leaders want feds involved in Arbery case
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From the AJC:
"Members of Georgia’s congressional delegation are asking for federal involvement in the investigation of Ahmaud Arbery’s Feb. 23 shooting death.
In a letter sent Wednesday, elected leaders from both sides of the political aisle urged both U.S. Attorney General William Barr and Assistant Attorney General Eric Dreiband to have federal investigators assist the GBI with the investigation. The letter was signed by 14 U.S. representatives, including John Lewis, Sanford Bishop, Lucy McBath, Doug Collins and Tom Graves."
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In the News: Treasury is Delivering Millions of Economic Impact Payments by Prepaid Debit Card
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From the Treasury Department:
This week, Treasury and the IRS are starting to send nearly 4 million Economic Impact Payments (EIPs) by prepaid debit card, instead of by paper check. EIP Card recipients can make purchases, get cash from in-network ATMs, and transfer funds to their personal bank account without incurring any fees. They can also check their card balance online, by mobile app, or by phone without incurring fees. The EIP Card can be used online, at ATMs, or at any retail location where Visa is accepted. This free, prepaid card also provides consumer protections available to traditional bank account owners, including protections against fraud, loss, and other errors.
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| Social Media of the Week: A Look at How Georgia Businesses are Bringing Back Customers |
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| Social Media of the Week: Top Tweets |
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| Graphic of the Week: Raising Awareness |
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