Page 7 - Second Draw News Today

The Small Business Administration (“SBA”) recently issued a procedural notice (the “Notice”) to “All SBA Employees and Paycheck Protection Program Lenders” setting forth “Revised SBA Paycheck Protection Platform Procedures for Addressing Hold Codes on First Draw PPP Loans and Compliance Check Error Messages on First Draw PPP Loans and Second Draw PPP Loans.”  The Notice sets forth procedures Paycheck Protection Program (“PPP”) lenders must follow in approving First or Seco...

Identify a loan: - First Draw PPP Loans: For those who have not received a PPP loan before, First Draw PPP Loans are available. - Second Draw PPP Loans: For those who have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan. PPP Forgiveness Webinars Tuesdays The SBA Vermont District Office hosts free webinars from 11:30 a.m.  to 1 p.m. Tuesdays  about Paycheck Protection Program forgiveness. Topics include criteria, the process, changes and more. To acce...

SBA prioritizes smallest of small businesses in the Paycheck Protection Program Steps taken to promote equitable relief for mom-and-pop businesses   From U.S. Small Business Adminsitration WASHINGTON – Building on a month of strong results, the Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America’s mom-and-pop businesses.  The latest round of Paycheck Protection P...

Struggling businesses adversely impacted by the COVID-19 pandemic now have access to a second round of Paycheck Protection Program (“PPP”) stimulus funding enacted as part of the...

Small businesses employ nearly half of the American workforce; they create two out of three net new private-sector jobs.

OnDeck explains how small businesses in the US may apply for First or Second Draw PPP loans now through March 31, 2021.

United States: How do you spell relief? C-A-A After months of partisan bickering and Senate inaction, Congress finally passed another round of COVID-19 relief legislation as part of the Consolidated Appropriations Act, 2021, P.L. 116-260, (“CAA”), which was signed into law on December 27, 2020. We provide a summary of the tax-related CAA provisions and key modifications to the Paycheck Protection Program (“PPP”), before discussing President Biden’s tax agenda for 2021. The CAA’s tax...

CAA”), which provides $900 billion in new COVID-19 relief funding, was signed into law on December 27, 2020. Section 324 of Title III of the CAA, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “ Economic Aid Act”), introduces a new $15 billion grant program through which the U.S. Small Business Administration (the “ SBA”) will provide aid to struggling live venue operators and certain related businesses. This program offers a critical lifeline from the F...

To embed, copy and paste the code into your website or blog: On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will: (1) accept applications from eligible borrowers for PPP loans that did not receive a PPP loan under the earlier program—known as a "First Draw Loan"; (2) permit qualifying businesses that received a PPP loan under the ...

SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First Draw and Second Draw PPP Loans in January of 2021.    On December 27, 2020, a $900 billion COVID-19 aid package was signed into law as part of the larger omnibus bill funding the federal government. This bill includes $284 billion in new funding for the Paycheck Protection Program (PPP), the federal loan program established to support businesses impacted by this lengthy pandemi...