UPDATE ON PPP AND STIMULUS BILL

Hello All;

I hope this email finds you well. I had hoped to have an update on passage of a second round of stimulus, but sadly, that didn't happen this week. 

WHAT'S ON THE TABLE 

This is the legislation being debated now:  https://www.cnet.com/personal-finance/next-stimulus-package-heals-act-benefits-go-far-beyond-a-second-payment/  

We hope that the legislators pick this back up next week and come to some agreement to keep the American economy going.  I encourage you to continue to reach out to your elected officials and tell them what you want to see for this country and for small businesses. Not sure who represents you? https://www.usa.gov/elected-officials

WHAT ABOUT FORGIVENESS

I know we are all anxious to have our PPP loans forgiven. At the moment we are still in a holding pattern. If you have spoken to me on the phone about this you will have likely heard my reasons for believing most smaller PPP loans will be given blanket forgiveness. Now a growing number of businesses and banks are calling for this very thing https://www.bizjournals.com/washington/news/2020/07/20/sba-ppp-paypal-support-blanket-loan-forgiveness.html. This push was also a part of the legislation that failed this week. 

For loans over 150K a tiered forgiveness plan has been tossed around that would require the following: 

"For those loans, their proposal only requires businesses to complete a certification and retain relevant records and worksheets for up to three years, though banks would still need to submit a loan forgiveness application to the SBA."

What is certain is that there will be more debate about this in the coming weeks. I will send out a new update the moment I find out anything useful. Please continue to check my website at www.revatx.com and click on the NEWS section for updates on any local loans and grants I come across. Please send me anything you hear about so that I can share with the REV ATX family. 

As always, we are here to support you in any way you need at this time. My schedule is below if you need to talk. 

Stay well, and keep your heads up. 

-Katie & The REV ATX team