Furniture & Floors North in Houlton, Maine, secured a Paycheck Protection Program loan and has weathered the coronavirus crisis pretty well. But when Kelley Fitzpatrick received a call from her congressman’s office asking about a proposed new federal lending program, she didn’t think only about her own business. “It’s probably
Congress really wants small businesses to keep borrowing through the Paycheck Protection Program. By unanimous consent Tuesday, the Senate agreed to a measure introduced by Sen. Ben Cardin (D-Md.) extending the popular lending program to Aug. 8. Late this afternoon, the House of Representatives took similar action. The PPP hit
Anecdotally, it seems that almost every member of the Home Furnishings Association tapped into the Paycheck Protection Program. For any qualifying furniture retailers that didn’t, it’s not quite too late. The deadline for applying to the small business lending program ends June 30. If you want to apply, you should
The Home Furnishings Association is pressing Congress for liability protection. Republicans agree, Sen. Todd Young (R-Ind.) and Rep. Darin LaHood (R-Ill.) told HFA’s Government Relations Action Team in recent Zoom meetings. [HFA asks for liability protection as stores reopen] But Senate leader Mitch McConnell (R-Ky.) has indicated he’s in no
HFA members should use the recent rioting and looting across the country to take a second look at their property insurance coverage, says a consultant for Solution Partner Arthur J Gallagher. Nik Levin says retailers sometimes underestimate the value on their property — either unknowingly or to save money on
The U.S. Senate approved a House bill June 3 that adds needed flexibility to the Paycheck Protection Program. The action, by unanimous consent, happened only hours after Home Furnishings Association members urged Sen. Todd Young of Indiana and his colleagues to move quickly. “I will carry that message to those
Furniture retailers would get more flexibility to spend Paycheck Protection Program funds and earn loan forgiveness under a bill passed 417-1 by the U.S. House of Representatives Thursday. A similar measure will be considered in the Senate next week. The Home Furnishings Association pushed for the changes in letters to
Jacob Shevin was ahead of the Small Business Administration. The SBA recently published new guidance allowing businesses more flexibility in calculating forgiveness of Paycheck Protection Program loans. Originally, funds had to be spent during an eight-week period that began as soon as the loan was deposited in the borrower’s bank
A month ago, the Home Furnishings Association wrote to key leaders in Washington, D.C., asking for improvements to the Paycheck Protection Program. It is the primary lending initiative for small businesses, but some of its provisions make it less helpful to furniture retailers than it should be. Now, help may
Business lending programs are badly flawed, Home Furnishings Association members told an official with the U.S. Treasury Department in a conference call May 5. Howard Haimsohn, owner of Lawrance Furniture in San Diego, said he was anxious while he waited for a Paycheck Protection Program loan and is equally anxious
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