MPL General Counsel Corner – Latest PPP numbers & An Update From Us
PPP stats were released by the SBA through 6/6. The loan numbers for round 2 continued to decline versus the last update through 5/30. The vast majority of recipients (98%) are receiving loans of $350k or below, while the average loan is ~$60k thus far in round 2. The amount still available under the program remains at $130B.
As I have previously mentioned, the recent PPP modification passed and signed into law by the President may result in more activity moving forward. However, given the recent economic numbers and the continued reopening of the economy, there may not be as great a demand for the recovery funds. If you are considering applying, please make sure you are talking with your financial institution and professional advisors.
On another note, we want to say how much we value your time and feedback related to our updates. Our goal from the very beginning was to provide as much assistance as possible to the small business community. You are key to both the recovery and continued greatness of our Country. As such, we also want to be mindful of your time and continue providing you with factual and actionable content. Going forward, barring any major news, we will plan to send out our MPL General Counsel Corner every Friday starting this week. For those that would like to include information on our emails, please continue to send them over.
Keep moving forward, things will get back to normal.
Here are some other things that may be important or relevant for you:
- PA Announces a $225M statewide grant program to support small businesses. This program will be administered through the 17 PA-based community development financial institutions.
- Supplier Health Check – A good article/checklist to make sure your supply chain is viable published by www.thefabricator.com.
- Latest Bankruptcy Filings from Law360.
- Upcoming Webinars and Helpful Resources
- Pitchbook Private Debt Market Webinar (6/9 @ 1pm EST)
- Stambaugh Ness Townhall – Back to Business (Tuesday June 9; 2-4pm EST)
- US Chamber of Commerce – Reopening Your Business Webinar (6/10 @ 2pm)
- RKL Weekly Webinar Series