If your business falls under NAICS code 72 (Accommodation and Food Services), you may qualify for up to 3.5x monthly payroll costs for a second draw. PPP borrowers are eligible for up to 2.5x monthly payroll costs for their initial PPP loan, as well as any second draw. Approval and loan forgiveness are subject to your ability to meet government-set eligibility requirements. There are no fees for applying for PPP or forgiveness. BlueAcorn does not guarantee that applications will be processed and submitted before PPP funds are no longer available.
BlueAcorn may need additional information from you later and does not guarantee that it will be able to submit your application to the SBA based solely on the information you provide now. If funds are available, qualified applications will be submitted to the SBA. Funds are limited, and may not be available at this time. Loan agreements will identify the appropriate lender to small businesses at signing. Small Business Administration ("SBA”) lenders. PPP loans are made by one or more approved U.S. Interest rates for the Paycheck Protection Program ("PPP') are at 1%. By accepting this agreement, you acknowledge and consent to all compensation the “business” receives from Blueacorn for this referral. This story was originally published May 4, 2023, 12:00 PM.Customer understands that the “business” may receive compensation for referring you to Blueacorn. 7, 2022 in response to the findings in the congressional report and said that it would investigate “appropriate action against their management, owners, and successor companies.” The agency declined to say whether Womply is still suspended from doing work with the agency or the status of the investigation. The SBA barred the company from doing work with the agency on Dec. Scammell oversaw Womply’s anti-fraud efforts and, according to the congressional report, stymied efforts by SBA’s Office of the Inspector General to investigate potentially fraudulent loans the company had passed on to its lenders. The SBA has the right to prohibit entities from doing business with the agency that have fraud convictions in the previous seven years or a record of other unethical behavior. The report raises the question of whether Womply should have been allowed to participate in the program at all, since Scammell had pleaded guilty to charges related to insider trading in 2014 and was barred from participating in the securities industry. Louis who specializes in government ethics.
Responding to written questions, the SBA didn’t say whether it was aware of Manger’s work for Womply and whether it signed off on it.Įmployees of the SBA who “occupied a position involving discretion over, or who exercised discretion with respect to, the granting or administration of SBA Assistance” are barred from working as an “employee, partner, agent, attorney or other representative” of any company that received SBA assistance for two years after the assistance is granted or administered.įederal revolving-door regulations are typically focused on restricting the ability of senior officials to lobby their former employers after leaving, but the fact that the SBA has specific rules connected to SBA assistance is because of the unique nature of the agency, which is heavily involved in helping small businesses obtain loans and other funding, said Kathleen Clark, a law professor at Washington University in St. “I don’t really have anything to add,” he said.
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