Page 2 - Second Draw Loan News Today

To embed, copy and paste the code into your website or blog: With the latest round of the Paycheck Protection Program comes a pair of interim final rules from the Small Business Administration. Our Financial Services & Products Group explores the significant changes to the PPP brought by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. General changes to the PPP and the first interim final rule Second draw loans and the second interim final rule Tax treatment and addit...

To embed, copy and paste the code into your website or blog: While the arrival of vaccines for the coronavirus have us seeing the proverbial light at the end of the COVID-19 tunnel, many small businesses, particularly in industries such as travel, hospitality and specialty retail, continue to feel the pain of governmental restrictions intended to minimize the spread of the insidious virus and associated behavioral shifts. In order to provide much needed help to these and other impacted small bu...

To embed, copy and paste the code into your website or blog: On December 27, 2020, the Consolidated Appropriations Act, 2021 (“the Act”), was signed into law.  The new law both funded the U.S. government for the remainder of FY 2021 and made available a wide range of COVID-19 relief support, including The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”). The Act reopens the Small Business Administration’s (“SBA”) Paycheck Protection Progra...

On January 6, 2021, Treasury issued two new Interim Final Rules (IFRs) addressing the new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act’s (Act) creation of PPP Second Draw Loans, and the Act’s various changes to PPP requirements generally. The major PPP components of the Act are set forth in detail in Buchalter’s COVID Alert of December 28, 2020 (Buchalter PPP Changes Alert), which can be found here. While discussing the Act’s requirements in some detail, the two...

Tuesday, January 5, 2021 On Sunday, December 27, 2020, President Donald Trump signed the Consolidated Appropriations Act, 2021 (the “Act”). The Act combines a $1.4 trillion omnibus appropriations bill for the Federal Government for Fiscal Year 2021 and $900 billion of relief in response to the SARS-CoV-2 (“COVID-19”) pandemic. The Act extends several critical CARES Act programs that had been due to expire on December 31, 2020, including the Paycheck Protection Program (the “...

To embed, copy and paste the code into your website or blog: The Farm Credit Group here at Nexsen Pruet has compiled the highlights from the Coronavirus Response and Relief Supplemental Appropriations Act (recently passed as part of the Consolidated Appropriations Act of 2021) that would pertain to those in the farm credit and agribusiness realm.  There were many substantial changes to the Paycheck Protection Program (PPP), which are discussed at length in our other articles. However, the fol...

To embed, copy and paste the code into your website or blog: Congress passed a wide-ranging COVID-19 relief package on December 22, 2020, that provides over $900 billion in aid to individuals and businesses. President Trump has now signed the relief bill, called the Bipartisan-Bicameral Omnibus COVID Relief Deal, into law. The law addresses four areas of importance to franchising: the Families First Coronavirus Response Act (FFCRA), the Paycheck Protection Program (PPP), the Economic Injury Di...

To embed, copy and paste the code into your website or blog: The Paycheck Protection Program (PPP), originally part of the March 27, 2020, CARES Act, has undergone several changes since its inception, including June’s PPP Flexibility Act, a myriad of Interim Final Rules and other guidance issued by the Small Business Administration (SBA). On December 27, 2020, a new stimulus bill (the Consolidated Appropriations Act, 2021) was signed into law, comprehensively changing the PPP and associated ...

Contributing authors: Diana Kim, Kaitlyn M. Baietto Certain provisions of the Coronavirus/COVID-19 economic stimulus legislation are subject to the issuance of government regulations and other government action; thus, certain details regarding the legislation may be clarified or added. On December 27, 2020, a new relief bill was passed into law intended to provide much-needed economic support to assist businesses in making it through this winter. The bill, known as the “Consolidated Appropr...

To embed, copy and paste the code into your website or blog: On December 27, the President signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Act) addressing changes to the rules regarding PPP loans, including making a supplemental PPP loan available to many PPP borrowers and increasing the types of business expenses that can be forgiven. Among many other changes discussed in detail below, the Act provides the following key changes in regard to the PPP program: �...