Page 11 - Second Draw News Today

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.

WesBanco Announces Fourth Quarter 2020 Financial Results News provided by Share this article Share this article WHEELING, W.Va., Jan. 26, 2021 /PRNewswire/ -- WesBanco, Inc. ("WesBanco") (NASDAQ: WSBC), a diversified, multi-state bank holding company, today announced net income and related earnings per share for the three and twelve months ended December 31, 2020.  Net income available to common shareholders for the three months ended December 31, 2020 was $50.2 million, with diluted earnings ...

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...

Provided by Business Wire Oregon Pacific Bank Announces Fourth Quarter and Full Year Earnings Results Oregon Pacific Bancorp (ORPB) today reported financial results for the fourth quarter and year ended December 31, 2020. Highlights Quarterly non-PPP loan growth of $5.8 million Tax equivalent fourth quarter net interest margin of 4.29% Annual loan growth of $92.1 million or 30.32% Annual deposit growth of $168.3 million or 52.92% Annual net income of $4.4 million, representin...

Press release content from Globe Newswire. The AP news staff was not involved in its creation. The SBA Takes Steps to Improve First Draw Paycheck Protection Program Loan Review United States Small Business AdministrationJanuary 26, 2021 GMT Washington, Jan. 26, 2021 (GLOBE NEWSWIRE) -- 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...

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

On January 12, 2021, the Eastern District of California settled the first False Claims Act (“FCA”) case based on Paycheck Protection Program ("PPP")-related fraud. SlideBelts Inc. – a...

The Paycheck Protection Program has begun a second round of applications for small businesses struggling to stay open during the pandemic, with some changes in how much aid is offered. Borrowers who received a First Draw PPP Loan are eligible for a Second Draw PPP Loan,if they have no more than 300 employees, and can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. For most borrowers the maximum loan amount is 2.5 times the average monthly 20...