Page 5 - First Draw News Today

To print this article, all you need is to be registered or login on Mondaq.com. Borrowers seeking to apply for First Draw Paycheck Protection Program (PPP) loans or Second Draw (PPP2) loans are required to certify on loan applications that "current economic uncertainty makes this loan request necessary to support the ongoing operations" of the borrower or applicant.  That "necessity certification" as it has come to be known, is riddled with amorphous language that has p...

To print this article, all you need is to be registered or login on Mondaq.com. Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act ("CARES Act") in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related fraud. One area of early focus was the Paycheck Protection Program (PPP), a program under the CARES Act that provides loans to small businesses to help pay employees. The...

To embed, copy and paste the code into your website or blog: Soon after Congress passed the Coronavirus Aid, Relief, and Economic Security Act (“CARES Act”) in March 2020, the Criminal Division of the U.S. Department of Justice (DOJ) moved quickly to address potential COVID-19 related fraud. One area of early focus was the Paycheck Protection Program (PPP), a program under the CARES Act that provides loans to small businesses to help pay employees. The Fraud Section set up a team devoted to...

In a March 3, 2021 Interim Final Rule (“IFR”), the U.S. Small Business Association (“SBA”) recognized that the definition of “payroll costs” used to determine Paycheck Protection...

Nearly one year ago, in response to the COVID-19 pandemic and related economic downturn, the Small Business Administration-backed Paycheck Protection Program (PPP) provided loans to...

Forgiveness Reductions Based on Salary or Wages Documents 1. COVERED PERIOD: The covered period is the period beginning on the date the lender disburses the PPP loan and ending on the date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement (the “Covered Period”). Please note that the option to elect an alternative covered period was remove...

(The Center Square) - The federal government opened a "priority window" on Wednesday that Colorado businesses with fewer than 20 employees can apply to for the next round of federal

To embed, copy and paste the code into your website or blog: On Monday, February 22, 2021, the Biden-Harris administration announced several reforms to the Paycheck Protection Program (“PPP“), including: Starting at 9 a.m. EST on Wednesday, February 24, 2021, through Tuesday, March 9, 2021 (the “ Exclusivity Period”), only eligible businesses with fewer than 20 employees can apply for relief through the PPP. During the Exclusivity Period, SBA will reject new applications for applicants...

The Small Business Administration (“SBA”) recently issued a procedural notice (the “Notice”) to “All SBA Employees and Paycheck Protection Program Lenders” setting forth “Revised SBA Paycheck Protection Platform Procedures for Addressing Hold Codes on First Draw PPP Loans and Compliance Check Error Messages on First Draw PPP Loans and Second Draw PPP Loans.”  The Notice sets forth procedures Paycheck Protection Program (“PPP”) lenders must follow in approving First or Seco...

Identify a loan: - First Draw PPP Loans: For those who have not received a PPP loan before, First Draw PPP Loans are available. - Second Draw PPP Loans: For those who have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan. PPP Forgiveness Webinars Tuesdays The SBA Vermont District Office hosts free webinars from 11:30 a.m.  to 1 p.m. Tuesdays  about Paycheck Protection Program forgiveness. Topics include criteria, the process, changes and more. To acce...