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Release Date: Tuesday, March 31, 2020
Release Number: 20-29
Contact: Press_Office@sba.gov, (202) 205-7036
WASHINGTON – Following President Trump’s signing of the historic Coronavirus Aid, Relief, and Economic Security (CARES) Act, SBA Administrator Jovita Carranza and Treasury Secretary Steven T. Mnuchin today announced that the SBA and Treasury Department have initiated a robust mobilization effort of banks and other lending institutions to provide small businesses with the capital they need.
The CARES Act establishes a new $349 billion Paycheck Protection Program. The Program will provide much-needed relief to millions of small businesses so they can sustain their businesses and keep their workers employed.
“This unprecedented public-private partnership is going to assist small businesses with accessing capital quickly. Our goal is to position lenders as the single point-of-contact for small businesses – the application, loan processing, and disbursement of funds will all be administered at the community level,” said Administrator Carranza. “Speed is the operative word; applications for the emergency capital can begin as early as this week, with lenders using their own systems and processes to make these loans. We remain committed to supporting our nation’s more than 30 million small businesses and their employees, so that they can continue to be the fuel for our nation’s economic engine.”
“This legislation provides small business job retention loans to provide eight weeks of payroll and certain overhead to keep workers employed,” said Secretary Mnuchin. “Treasury and the Small Business Administration expect to have this program up and running by April 3rd so that businesses can go to a participating SBA 7(a) lender, bank, or credit union, apply for a loan, and be approved on the same day. The loans will be forgiven as long as the funds are used to keep employees on the payroll and for certain other expenses.”
The new loan program will help small businesses with their payroll and other business operating expenses. It will provide critical capital to businesses without collateral requirements, personal guarantees, or SBA fees – all with a 100% guarantee from SBA. All loan payments will be deferred for six months. Most importantly, the SBA will forgive the portion of the loan proceeds that are used to cover the first eight weeks of payroll costs, rent, utilities, and mortgage interest.
The Paycheck Protection Program is specifically designed to help small businesses keep their workforce employed. Visit SBA.gov/Coronavirus for more information on the Paycheck Protection Program.
SBA’s announcement comes on the heels of a series of steps taken by the Agency since the President’s Emergency Declaration to expeditiously provide capital to financially distressed businesses affected by the Coronavirus (COVID-19) pandemic. Since March 17, SBA has taken the following steps:
Visit SBA.gov/Coronavirus for more information on SBA’s assistance to small businesses.
Verifyle and the Virginia Society of Tax and Accounting Professionals Forge Partnership to Protect Tax and Accounting Pros against Hackers
San Jose, CA – July 30th, 2019 – Verifyle, a leader in secure messaging and file sharing, today announced a partnership with the Virginia Society of Tax and Accounting Professionals (VSTAP). Since 1948, the VSTAP has been providing rigorous educational opportunities, elevating high standards of proficiency and integrity, and promoting and protecting the interests of tax preparers, accountants, and bookkeepers across Virginia. Verifyle has been chosen as a key supplier of secure document-sharing and messaging technology for all VSTAP members throughout the state.
“Today more than ever, tax professionals are under attack by hackers and would-be identity thieves. VSTAP has chosen to offer a new benefit to our members that will help them keep their clients’ data and communications safe and secure,” said William Silzer, ABA, ATP, President of VSTAP. “We were looking for the highest level of security available, and found that Verifyle was a perfect fit for our organization. We’re thrilled to offer Verifyle Pro as a benefit of VSTAP membership at no cost to our members.”
“We’ve found many accounting organizations want to provide their members with a way to share information securely with clients,” said Jack Smith, CEO of Verifyle. “As we grow, we’re seeing more and more demand for an ultra-secure way to share documents and messages with business associates of all kinds, all across the U.S. and beyond. We’re extremely proud that VSTAP chose Verifyle ahead of all the other cloud-sharing options that exist in the market today.”
Unlike many other cloud-storage and cloud-sharing services, which use a single master key for encrypting and decrypting their users’ data, Verifyle’s Cellucrypt technology uses password-derived keys on top of a public-key system to individually encrypt each data object, adding several additional layers of protection for their users. With the additional option to disable password reset, Verifyle becomes the most secure cloud-sharing platform available, while remaining extremely simple to use. Verifyle also offers unlimited digital signatures to its Pro customers, marking its significant value to customers across a large number of industries.
Verifyle delivers ultra-secure messaging and document sharing, all from a simple, single-screen interface. Verifyle was built from the ground up to be the most secure cloud-sharing solution, and to deliver improved productivity and control of information to its users. Verifyle’s industry-leading, patented encryption technology gives users the highest level of security, protecting them from bulk-access vulnerability through the unique encryption of each individual document and conversation.
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