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Kathryn Petralia, co-founder and president of digital lending platform Kabbage, announced that the company will be launching a dedicated PPP application portal for independent contractors.
President Trump signed the Paycheck Protection Program Flexibility Act which will help restaurants, hotels, and other small businesses by lowering the amount required to spend on payroll from 75 percent to 60 percent in order to qualify for full loan forgiveness. Additional flexibility will ensure small businesses can keep their doors open and keep more hard-working Americans employed.
President Trump signed an executive order directing federal agencies to use their lawful emergency authorities to expedite critical infrastructure projects to facilitate the nation's economic recovery from the COVID-19 pandemic.
The Consumer Bankers Association and the Bank Policy Institute wrote a letter to Congress urging them to pass legislation that would forgive Paycheck Protection Program loans of less than $150,000.
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