Discover and read the best of Twitter Threads about #PaycheckProtection
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NEW: SBA will re-open the #PaycheckProtection Program loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on ๐๐ฟ๐ถ๐ฑ๐ฎ๐, ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ญ๐ฑ ๐ฎ๐ ๐ต ๐ฎ๐บ ๐๐ง.
The portal will fully open on ๐ง๐๐ฒ๐๐ฑ๐ฎ๐, ๐๐ฎ๐ป๐๐ฎ๐ฟ๐ ๐ญ๐ต to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
On Friday, SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions.
NEW THREAD: The impact of #COVID19 on #smallbiz has been catastrophic. According to 2 new analyses from @SHamiltonian and @HamiltonProj:
From mid-March to mid-May 2020, > 40% of all small businesses closed, causing revenues to drop 40% on average #COVIDEconomy 
By mid-July, more than 420,000 small businesses had permanently closedโequivalent to the # of failures typically seen over a whole year. #COVIDEconomy #SmallBiz
Today @SBAgov and @USTreasury released updated Loan Forgiveness Applications for the #PaycheckProtection Program, including an EZ version.
The #PaycheckProtection program EZ Loan Forgiveness Application applies to borrowers that:
๐ Are self-employed and have no employees; OR
๐ Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
๐ Are self-employed and have no employees; OR
๐ Did not reduce the salaries or wages of their employees by more than 25%, and did not reduce the number or hours of their employees; OR
๐ Experienced reductions in business activity as a result of health directives related to #COVID19, and did not reduce the salaries or wages of their employees by more than 25%.
