Paycheck Protection Program (PPP)
On Friday, May 15, 2020 the U.S. Small Business Administration (SBA) released the PPP loan forgiveness application form, which is available here. This form would be used by PPP borrowers following the end of the 8-week loan period to seek forgiveness on some or all of the loan. Additional regulations and guidance will be forthcoming from SBA.
For more resources from the SBA, visit their website:
The SBA will resume accepting Paycheck Protection Program applications from participating lenders on Monday, April 27, 2020 at 10:30am EDT.
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities.
You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. Other regulated lenders will be available to make these loans once they are approved and enrolled in the program. You should consult with your local lender as to whether it is participating in the program.
By Sam Hill, Seafood Source
April 21, 2020
Danielle Blacklock took over as director of NOAA Fisheries’ Office of Aquaculture in mid-March, just as the COVID-19 pandemic began to come to a head in the United States. Over the past decade, Blacklock has served in multiple positions at NOAA, most recently as a senior policy advisor for aquaculture. In that role, Blacklock completed a six-month assignment at the Food and Agriculture Organization of the United Nations, focused on aquaculture sustainability globally. She also served as the acting deputy in the office for several months.
Blacklock is charged with overseeing the aquaculture component of NOAA’s sustainable seafood portfolio and providing the strategic vision for developing a stronger aquaculture industry in the United States. Nearly a month into her appointment, SeafoodSource connected with Blacklock to discuss her goals as director, the office’s response to COVID-19 complications and what the future of U.S. aquaculture looks like.
SeafoodSource: Is NOAA still prioritizing domestic aquaculture? What are some short- and long-term goals for the office?
Blacklock: Yes, increasing domestic marine aquaculture remains a priority for the Department of Commerce and NOAA. We are currently working in our organization, across the federal government, and with partners to support cutting-edge research and federal policy to expand the social, economic, and environmental benefits of marine aquaculture.
Short-term goals for the office include supporting the existing U.S. aquaculture industry through the challenges and impacts of COVID-19. NOAA recently stood up a team of experts from across the agency to collect and analyze COVID-19-related impacts on the U.S. commercial seafood industry, including wild harvest and aquaculture. We are focused on working with our stakeholders to provide guidance and assistance during this difficult time.
Longer-term, the office will continue to support technology development and transfer, a more efficient permitting process, and working to dispel misperceptions of sustainable aquaculture.
Read the full article HERE
The Coronavirus Aid, Relief, and Economic Security (CARES) Act allocated $350 billion to help small businesses keep workers employed amid the pandemic and economic downturn. Known as the Paycheck Protection Program, the initiative provides 100% federally guaranteed loans to small businesses.
Importantly, these loans may be forgiven if borrowers maintain their payrolls during the crisis or restore their payrolls afterward.
The administration soon will release more details including the list of lenders offering loans under the program. In the meantime, the U.S. Chamber of Commerce has issued this guide to help small businesses and self-employed individuals prepare to file for a loan.