Page 8 - First Draw News Today

Door Dash offers Rochester restaurants COVID-19 relief grants Some Rochester restaurants hard-hit by the pandemic now have the opportunity to receive COVID-19 relief grants from a food delivery service. Posted: Jan 27, 2021 4:13 PM Updated: Jan 27, 2021 4:30 PM Posted By: Jessica Bringe ROCHESTER, Minn. - Some Rochester restaurants hard-hit by the pandemic now have the opportunity to receive COVID-19 relief grants from a food delivery service. Door Dash is announcing a $150,000 in local grant...

To embed, copy and paste the code into your website or blog: On December 27, 2020, the Economic Aid to Hard-Hit Small Business, Nonprofits and Venues Act (the “Act”) became law. The Act included $284 billion of additional funding under the Paycheck Protection Program (the “PPP”). The U.S. Small Business Administration and the Department of Treasury subsequently released interim final rules under the Act (here and here). Notably, there is now a First Draw PPP Loan Program (the “PPP1”...

To embed, copy and paste the code into your website or blog: On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “Economic Aid Act”) became law. The economy continues to struggle from the effects of the coronavirus pandemic. This new law provides additional support to many small businesses. So far in the month of January alone, the Treasury Department (the “Treasury”) and the Small Business Administration (SBA) have issued over 200 pages o...

Fingerlakes1.com Menu Have a tip for the newsroom, press release, local event listing or digital content to share? Send it here. Support our mission by visiting patreon.com/fl1 and becoming a monthly subscriber. The U.S. Small Business Administration is taking steps to improve the First Draw Paycheck Protection Program loan review so that small businesses have as much time as possible to access much needed PPP funds. The Biden-Harris Administration is focused on ensuring small businesses rece...

To embed, copy and paste the code into your website or blog: There are a few things to keep in mind in regard to the Small Business Administration (the “ SBA”) and the Paycheck Protection Program (“ PPP”) loan forgiveness review process. Adding on to the initial PPP funding, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “ Economic Aid Act” or “ PPP2 Act”) was followed by new forgiveness application forms and the Interim Final Rule on Loan Forgive...

At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods.

Comments WASHINGTON – The U.S. Small Business Administration, in consultation with the Treasury Department, announced that the Paycheck Protection Program re-opened the week of January 11 for new borrowers and certain existing PPP borrowers. Updated PPP guidance outlining program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. This round of the PPP continues to focu...

SBA and Treasury re-open PPP and issue new guidance Blog SBA and Treasury re-open PPP and issue new guidance The most recently enacted coronavirus relief package, the Consolidated Appropriations Act of 2021, included an additional $284 billion for the Paycheck Protection Program (PPP) available through March 31, 2021. In addition to providing more funding, the legislation also made certain changes to the program that include expanding authorized uses of funds and increasing loan f...

A: Borrowers are eligible for a second-draw PPP loan of up to $2 million, provided they have: 300 or fewer employees. Used or will use the full amount of their first PPP loan on or before the expected date for the second PPP loan to be disbursed to the borrower. The IFR also clarifies that the borrower must have spent the full amount of the first PPP loan on eligible expenses. Experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019. This is calcul...

From U.S. Small Business Administration WASHINGTON — The U.S. Small Business Administration announced Tuesday that it has approved approximately