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🚨 SMALL BUSINESSES 🚨: IMPORTANT 🧵

STARTING TOMORROW you can apply for a loan (via the lender of YOUR choice) through the Paycheck Protection Program.

The application: ⬇️
home.treasury.gov/system/files/1…
Congress authorized a new Paycheck Protection Program to provide $350 billion in 100% federally guaranteed loans for 8 weeks of assistance to small businesses and 501(c)(3) nonprofits that have less than 500 employees.
Small businesses can borrow up to $10 million or 2.5 times the average monthly payroll based on last year’s payroll with an interest rate of 4% with all principal, interest, and fee payments deferred for 6 months.
More good news: Portions of the loan can be forgiven if used for:

▶️PAYROLL
▶️MORTGAGE INTEREST or RENT
▶️UTILITIES
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Jordan Weissmann
@JHWeissmann
So this was a big change made in the PPP rules last night.

The Treasury guidance said that 75% of each loan must be used for payroll costs. Not just 75% of what's forgiven, but of the whole loan.

This makes it a considerably worse deal for businesses that are entirely closed.
Also, if you misuse the money, the government is threatening to pursue fraud charges against you.
Here's a link to the Treasury guidance, for those wondering.

home.treasury.gov/system/files/1…
Read 12 tweets
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Michael Donnelly
@donnellymjd
(1/) Hey Small Business Owners! Are you aware of the new federal Payroll Protection Program? It can help you keep your employees on the payroll during this period through FULLY FORGIVABLE LOANS! Read on for more details...
(2/) A one page summary of the program can be found here on the @USTreasury's website.
(3/) And here's a link to the application form. Protect yourselves and your employees from the worst of the #COVID19 economic impacts. home.treasury.gov/system/files/1…
Read 5 tweets
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𝘉𝘐𝘓𝘓 𝘚𝘞𝘌𝘌𝘛
@billsweet
Paycheck Protection Program application & fact sheet are now live via US Treasury website

applications may be submitted to lenders beginning April 3rd ( Friday )

home.treasury.gov/system/files/1…

home.treasury.gov/system/files/1…

home.treasury.gov/cares
loan amount maximum: two months of average monthly payroll costs from past year + 25%, up to $10 million
terms:

2-year term
0.50% fixed rate
payments deferred for six months (w/ interest)

no collateral

no personal guarantee
Read 5 tweets
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W. K. Winecoff
@whinecough
Okay, gonna do a quick thread on my first impressions of this since there seems to be confusion. 1/n

First, the Treasury factsheet: home.treasury.gov/system/files/1…

And the SBA guidance: sba.gov/page/coronavir…
1. It's a loan program. But loans are *fully forgiven* if 75% or more of them go towards payrolls. Including benefits. And (rapid) rehires. So it should function like a grant program. 2/n
2. The reason why it is structured as a loan program is because it can be administered through FDIC banks, credit unions, etc. I.e., if this works well, you can walk into your local bank and get cash fast. Maybe on the spot?
Read 10 tweets
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MissMAGA2016
@MissMaga2016
The Trump administration, with bipartisan support, is expanding the power of CFIUS to be able to scrutinize more types of foreign investments, such as in real estate, personal data, infrastructure, and additional sensitive technologies. 👏👏👏
They’ll also be able to scrutinize non-controlling investments and various property deals that weren’t under their scope in the past.

Hmm, can we say port deals? You would think that would have been under their scope, but who knows.

archive.fo/uCU9i
I’m not reading through this whole thing, but if anyone’s interested, here’s the posting from the US Treasury.

home.treasury.gov/system/files/2…
Read 5 tweets
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Headsnipe01
@Headsnipe011
Treasury Releases Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States

@drawandstrike @HNIJohnMiller @catesduane @rising_serpent @_ImperatorRex_ @Debradelai @GodlessNZ @almostjingo @tracybeanz @TheChiIIum

home.treasury.gov/news/press-rel…
Washington – The U.S. Department of the Treasury today delivered to Congress the semiannual Report on Macroeconomic and Foreign Exchange Policies of Major Trading Partners of the United States.
The Report concluded that while the currency practices of six countries were found to require close attention, no major U.S. trading partner met the relevant 2015 legislative criteria for enhanced analysis during the period covered by the Report.
Read 13 tweets

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#France #IMO2020 #DemCastOK #JamalKhashoggi #smallbusiness #PostcardsforAmerica #history #ETFs #paycheckprotectionprogram #currencies #Sanctions #socialdistancing #VoteByMail #DemCastWI #ausbiz #agri #ASEAN #Commodities #economies #COVID19 #NE #VT #DemCastME #energy #DemCastWV

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