Lawmakers Agree to Extend PPP Loan Deadline, Seek to Change Partnership Rules

Ruben Onsu

“Unfortunately, certain farm and ranch partnerships, many of which are small family run businesses, were left out of changes made to the SBA’s Paycheck Protection Program in December,” Marshall said. “Our legislation would let farmers categorized as a partnership use gross income rather than net income when applying for this COVID relief. When it comes to PPP, we must ensure no farmers or ranchers are left behind.”

Hickenlooper added, “Family farmers and ranchers have had limited ability to access the Paycheck Protection Program because of a legislative technicality. This bill fixes this oversight so that our farming and ranching communities

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SBA handed out over $80 billion in potentially fraudulent loans

Ruben Onsu

WASHINGTON — Within days of the launch of the Small Business Administration’s new pandemic loan programs, the agency’s inspector general started getting calls from banks trying to report fraud.

“We sat down with the executives at SBA to say we have a problem,” Hannibal Ware, SBA’s inspector general testified to the U.S. House of Representatives on Thursday.

Now almost a year later, Ware and his team have identified $78.1 billion in potentially fraudulent Economic Injury Disaster Loans and $3.6 billion in Paycheck Protection Program loans to possibly ineligible recipients. Ware said the fraud identified in the EIDL program in particular

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PPP small-business loan program deadline extended with Senate vote

Ruben Onsu

WASHINGTON – Thousands of small businesses scrambling to stay afloat as a result of COVID-19 are getting extra time to apply for low-interest loans.

By a 92-7 margin, the Senate passed a bill Thursday extending until May 31 the deadline for Paycheck Protection Program applications. The popular Small Business Administration program was scheduled to sunset Wednesday, a timeline that could have prevented some 190,000 small businesses who have pending PPP applications from securing a loan.

The PPP Extension Act of 2021 also gives the SBA an additional 30 days beyond May 31 to process those loans. The House-passed measure now

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Fake tax preparer exposed by CNN charged with Covid-19 loan fraud

Ruben Onsu

James Polzin, 47, is accused of filing fraudulent applications for government loans by claiming “nonexistent employees and revenues for businesses he supposedly owned and operated.”

CNN revealed earlier this month that Polzin obtained at least six loans worth roughly $1.2 million from the Small Business Administration’s Paycheck Protection Program (PPP), which was intended to help companies pay workers during the pandemic.

Polzin applied for the loans under similar or identical business names and was approved for the money last year despite a string of disgruntled clients and a court injunction barring him from illegally masquerading as a CPA.

The criminal … read more

Interest In Student Loan Forgiveness Is Spiking

Ruben Onsu

search volume for “student loan forgiveness” has reached record levels, reflecting increased interest in student loan forgiveness.

The number of monthly search queries for “student loan forgiveness” reached 673,000 in February 2021, up from 110,000 in October 2020.

Search volume first peaked during the week of March 22-28, 2020, after the payment pause and interest waiver was announced for federal student loan.

Searches for “student loan forgiveness” increased again after the November elections and has

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Small businesses have 2 more months to apply

Ruben Onsu

A small business owner in Chinatown, San Francisco

Source: CNBC

The Senate on Thursday passed the PPP Extension Act of 2021 with overwhelming support, extending the deadline for the Paycheck Protection Program to May 31 from March 31.

Passage of the PPP extension came about one week after the House approved the bill, which will next go to President Joe Biden to sign. In addition to pushing back the deadline for applications by two months, the measure gives the Small Business Administration an additional 30 days to process loans.

The extension was met with support from lenders and small business

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