Page 4 - Second Draw News Today

The Bank of Fincastle Announces First Quarter Earnings for 2021 News provided by Share this article Share this article FINCASTLE, Va., April 29, 2021 /PRNewswire/ -- The Bank of Fincastle [SYMBOL: BFTL] has reported an unaudited quarterly net income of $345,680 for the first quarter of 2021, with assets of $272.1 million and total liabilities of $241.4 million. Executive Management Team, from left: Peter Sackett, Vice President and Chief Credit Officer Mike Jasper, Chief Financial Officer Scot...

Headlines CFPB Issues Interim Final Rule to Support CDC Moratorium on Evictions FEMA Announces Changes to National Flood Insurance Program Pricing Proposed Rule Would Establish Mandatory Terms for Tax Allocation Agreements Other Developments: Paycheck Protection Program and Qualified Mortgages 1. CFPB Takes Steps to Avoid a Possible Wave of Home Mortgage Loan Foreclosures The CFPB has issued guidance to mortgage servicers, including banks that service mortgage loans for third-party noteholders,...

[co-author: Craig Stetson * ] In our last post on this topic, we touched on how the acceptance, use, and forgiveness of Paycheck Protection Program (“PPP”) loans can be viewed in the context of a Defense Contract Audit Agency (“DCAA”) audit. This post focuses on audits and investigations involving PPP loans. Close scrutiny of PPP loans is not a prediction; it is reality. The Small Business Administration (“SBA”) has announced it will audit all PPP loans in excess of two million doll...

KAREN FRIEL The COVID-19 pandemic continues to make its impact known on small businesses, employees, and Mountain State residents as a whole. There are many financial relief options available to help businesses remain open and employees to continue to receive their paychecks. The Paycheck Protection Program (PPP) remains by far the largest financial relief program ever endeavored by the United States. And there is still time to apply. For the average business owner, trying to understand the pro...

To embed, copy and paste the code into your website or blog: Restaurants, bars, caterers, food trucks and many other food and beverage businesses that suffered a loss in revenue due to COVID-19 will soon be able to apply for federal grants designed to help them remain in business. The grants are part of the Restaurant Revitalization Fund, a $28.6 billion fund that was established last month as part of the American Rescue Plan Act of 2021. The U.S. Small Business Administration, which will admin...

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 affected by the COVID-19 emergency. Among other provisions, the CARES Act allowed Congress to authorize the Small Business Administration (“ SBA”) to temporarily guarantee forgivable loans under a new 7(a) loan program titled the Paycheck Protection Program (“ PPP”). On December 27, 2020, the Economic ...

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 Second Draw Loans” (“ Second Draw Rules”). These rules announced the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “ Economic Aid Act”). The SBA also released an Interim Final Rule called “Business Loan Program Tempor...

ROADMAP TO REOPENING Vermont Business Magazine Friday, April 9th, marked the start of the Vermont Forward reopening plan, which Governor Scott announced earlier this week. With this plan, our tourism industry has much to look forward to starting today. VDTM would like thank all – innkeepers, hospitality staff, food service professionals, front-line workers, owner-operators, Vermonters, visitors and everyone in between, alike – for your patience, tenacity, creativity, advocacy, and generosi...

Mon, 04/12/2021 - 3:36am -- tim Vermont Business Magazine April 9 marked the start of Step 1 of the Vermont Forward reopening plan, which Governor Scott announced last week. New Travel Policy: Effective April 9, quarantine is no longer required. Find the full travel guidance including new testing policies for Vermonters and visitors at the Department of Health website. The certificate of compliance for lodging establishments is still required until all travel restrictions are fully lifte...

Help is here with $16.2 billion for venues, theaters, and more Vermont Business Magazine The US Small Business Administration will officially open the Shuttered Venue Operators Grant (SVOG) application portal today, April 8, 2021 at 12 pm EDT for operators of live venues, live performing arts organizations, museums and movie theaters, as well as live venue promoters, theatrical producers and talent representatives to apply for critical economic relief, as those eligible entities are some of the...