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COVID-19 Business News Update – May 4, 2020

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Here are the latest news stories related to COVID-19 and business from Crow Legal. For more stories, follow us on Facebook and Twitter and subscribe to our email newsletter.

Colorado 

  • The Denver Channel reports over $3 billion in PPP loans were distributed in Colorado in the second round of funding. Throughout the state, there have been over 46,000 loans issued.

National

  • The SBA is clarifying rules related to the PPP, according to the ABA Banking Journal. The rules' clarifications include guidance on rehiring laid-off employees, funds for non-profit hospitals, and seasonal employers.

  • A CNBC/SurveyMonkey poll of 2,200 small business owners shows that only 13% of the business owners who applied for PPP loans were approved.  The poll also shows that many owners, approximately 55%, did not bother applying for the loans in the first place.

  • Forbes explains that PPP Loans may have a looming disaster as business owners try to navigate loan forgiveness.

  • PYMNTS explains how experts are now claiming a third round of PPP funding may be necessary.

  • The National Law Review reports on what the next steps should be for small business owners who received PPP loans under the new SBA recommendations.

 

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