Eligibility requirements have been expanded in this latest round of COVID-19 financial relief, which offers $284 billion in potentially forgivable loans.
By KIMBERLY PIERCEALL | The Virginian-Pilot | Published: January 18, 2021 NORFOLK, Va. (Tribune News Service) Business owners are getting another crack at $284 billion worth of potentially forgivable loans through the government’s revamped Paycheck Protection Program, aimed at keeping companies alive and employees on payrolls during the coronavirus pandemic. Business owners who got a loan last year and used those funds can get a second loan. This time, the loans cover more business expenses, are open to a wider range of businesses (including destination marketing groups, newsgathering operations and 501(c)(6) organizations like chambers of commerce) and come with the assurance that approved expenses paid for by the loan will be tax-deductible a quirk fixed last year.
Small-Business Loan Program Will Restart Monday, but Not for All
A small group of lenders that focus on underserved borrowers will get priority when the Paycheck Protection Program resumes.
Businesses that received loans in the first round will be eligible to receive second loans, with stricter eligibility.Credit.Brendan Smialowski/Agence France-Presse Getty Images
Published Jan. 8, 2021Updated Feb. 1, 2021
Lenders who specialize in working with Black- and minority-owned small businesses will have a head start in tapping Paycheck Protection Program funds when the program reopens next week, a move meant to address complaints that the aid was not distributed equitably the last time around.
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Come Feb. 15, retail services at Atlantic Union Bankâs 102 S. Main St. location will cease. The bank will maintain a presence in the building as offices for commercial lending, wealth management and home loans will remain open at the location and the ATM will be available.
In a letter to customers with safe deposit boxes at the bank, Consumer Banking Group Executive Shawn E. OâBrien stated that âwe have spent several months reviewing our branch network and have made a decision to close our Culpeper Main Branch.â