Page 2 - Loan Program Temporary Changes News Today

The Second Draw Rules address the new PPP loans available for borrowers.  These are generally subject to the same terms and conditions as the first draw PPP loans, which are described more fully below.  The Consolidated Initial Rules, in the SBA’s own words, primarily “restates existing regulatory provisions to provide lenders and new PPP borrowers a single regulation to consult on borrower eligibility, lender eligibility, and loan application and origination requirements, as well as gene...

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) was signed into law, which reopened the Paycheck Protection Program (PPP) both to first-time borrowers and, subject to stricter conditions and limits, to borrowers that previously received a PPP loan (second draw borrowers). [1] Under the Economic Aid Act, the last day to apply for and receive a loan under the reopened...

The Coronavirus Aid, Relief, and Economic Security Act (as amended and modified, the “CARES Act”) was enacted to provide immediate assistance to individuals, families, and businesses...

To embed, copy and paste the code into your website or blog: The SBA, in consultation with the Department of Treasury, has announced that it is reopening its portal for first draw and second draw PPP applications to all eligible PPP lenders today, January 19, 2021. The portal had previously been reopened to community financial institutions for first draw applications on Jan. 11 and second draw applications on Jan. 13 and to small eligible lenders (those will less than $1 billion in assets) on J...

To embed, copy and paste the code into your website or blog: Unpacking the Economic Aid Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans (January 14, 2021) Late on January 6, 2021, the Small Business Administration (the “ SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to a...

Late on January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes;...

Late on Sunday, December 27 th, after initially raising concerns about the pandemic relief measure that had overwhelmingly passed Congress days before, President Trump signed the measure into law, ending a long political stalemate and beginning the process of sending financial relief to American families and small businesses, further aiding the American economy. As with the CARES Act enacted in March, this bill, the “Consolidated Appropriations Act, 2021,” passed the House and Senate overwh...