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Businesses that received funds from the Paycheck Protection Program (PPP) should be aware of the loan forgiveness process. After all, the primary feature that made PPP funding such an attractive option to many businesses was that under certain conditions it can be fully forgiven. Now that the Small Business Administration (SBA) has officially opened the forgiveness portal, borrowers should start planning their next move. However, borrowers should also be aware that many lenders and commentators expect further guidance from the SBA and further legislation that could impact PPP forgiveness. Therefore, rushing to complete a forgiveness application may not be advisable or even possible in some cases.
If you are worried about being able to make your mortgage payments, you may be looking for strategies and ideas for how to avoid foreclosure. Ideally, you will be able to recognize problems with your mortgage early, before they get out of hand. Some mortgage issues can be resolved very easily, with only minor tweaks to your budget or a brief period of following alternative arrangements with your lender. Other times, the challenges can be more difficult, and avoiding foreclosure may require more drastic steps. This article gives a basic overview of common options you might consider.
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FEMA has approved more than half of the states to begin paying a $300 unemployment benefit. Other states are in the process of applying to FEMA, while some have declined the extra unemployment benefit. Once approved, states must modify their unemployment systems before payments can begin. At least two states have completed this task and are sending out the extra unemployment benefit, while one state says it will take eight weeks.
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