The agency said it may review any loan as needed but
After nearly two months on coronavirus lock down, New Yorkers in some regions of the state started a slow reopening process on Friday. In New Jersey, some popular Jersey Shore beaches opened up again. And as the weather warms up, hard hit New York City will deploy thousands of “social distancing ambassadors” to try to reduce the crowding that can help spread of coronavirus.
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The House will vote on legislation next week.The administration released two new rules specifying what qualifies as payroll expenses and detailing limits on the amount of loan forgiveness available for owner employees.One added details on the requirements for loan forgiveness. The other outlined lenders’ responsibilities in the forgiveness process and SBA’s procedures for reviewing loans to determine borrower eligibility.The SBA said banks must cheap nfl jerseys issue decisions on borrowers’ loan forgiveness applications no later than 60 days after receiving them.The agency said it may review any loan as needed but will judge them based on “the rules and guidance available at the time of the borrower’s PPP loan application” a potentially important distinction because the program’s rules have shifted regularly since its hurried April 3 launch. The SBA said it intends to release a separate rule on how businesses can appeal an SBA decision that they were ineligible for a loan.The SBA said lenders would lose processing fees if they issued loans the agency later deemed ineligible.
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