Page 14 - Second Draw News Today

Another round of the Paycheck Protection Program has been issued, and it has expanded eligibility to include farmers, ranchers and other self-employed people. The following is information from the Small Business Administration’s website and press releases: The Small Business Administration (SBA) has started accepting Second Draw Paycheck Protection Program (PPP) loan applications from participating community [...]

To embed, copy and paste the code into your website or blog: On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) (Pub. L. 116-260) into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. Section 311 of the Economic Aid Act added a new temporary section 7(a)(37) to the Small Business Act (15 U.S.C. 636(a)(37)) that autho...

In this Issue. The Office of the Comptroller of the Currency (OCC) issued guidance on its authority to charter limited purpose trust companies, raising the possibility that a limited...

PPP applications open for more small lenders

PPP Update As the U.S. Small Business Administration (SBA) opens the Paycheck Protection Program (PPP) application portal to lenders, ACCD is encouraging businesses to explore applying for the more than $284 billion has been allocated to this program nationally. Friday, the portal was opened to lenders with $1 billion or less in assets for First and Second Draw applications. The portal will fully open on Tuesday, January 19th to all participating PPP lenders to submit First and Second Draw loan...

Thursday, January 14, 2021 On January 6, 2021, the Small Business Administration (SBA) published an Interim Final Rule (IFR) announcing the implementation of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Ventures Act’s (Economic Aid Act) temporary loan program, the Paycheck Protection Program (PPP) Second Draw Loans. Key provisions of the PPP Second Draw Loan program are summarized below. Eligibility for Second Draw PPP Loans Eligible Borrowers Eligible borrowers ...

Vermont Business Magazine The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to all

Thursday, January 14, 2021 Provisions of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) and guidance provided by the Small Business Administration’s (SBA) subsequently issued Interim Final Rule (IFR) on the Paycheck Protection Program (PPP) have clarified changes to the PPP and enhanced options for current PPP borrowers. In addition, on December 9, 2020, the SBA issued additional guidance (FAQ 53) associated with its review of loan for...

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...