Small businesses and small lenders to star in PPP, round 3 cuinsight.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from cuinsight.com Daily Mail and Mail on Sunday newspapers.
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The Small Business Administration (SBA) has announced that they will reopen their portal for Paycheck Protection Program (PPP) loans for eligible borrowers beginning the week of January 11, 2021, after being shut down since August 8, 2020, when the prior congressional authorization for PPP loans expired. This new round of PPP loans is made possible by legislation that became effective on December 27, 2020, titled the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act), which made $284 billion available for PPP loans, authorized so-called “second draw” PPP loans for certain borrowers who previously received a PPP loan, and made certain other changes to PPP loans as summarized here. On January 6, 2021, the SBA and U.S. Department of Treasury (Treasury) issued new interim final rules (IFRs) providing (1) guidance regarding “second draw” PPP loans for borrowers who already recei
Purchase Agreement Components, Part 2: Indemnification Provisions, January 8, 2021, Frank Massaro
In an acquisition, particularly an equity acquisition, a buyer must perform extensive due diligence on the target company to understand, as thoroughly as possible, the risks associated with the acquisition. In most cases, however, the buyer cannot fully evaluate or even identify all sources of risk that it will assume post-closing. To address these uncertainties and allocate these potential risks, the buyer and seller negotiate indemnification provisions that set forth the scope of each party’s obligation to reimburse the other party for certain losses associated with the acquisition that may arise following closing.
WASHINGTON – The U.S. Small Business Administration has already forgiven more than 1.1 million Paycheck Protection Program (PPP) loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered periods ended.
“Today’s news is a key indicator that the PPP is working for all small businesses across our Nation,” said SBA Administrator Jovita Carranza. “For any eligible small business continuing to struggle due to the coronavirus pandemic, the Program has re-opened for new and certain existing PPP borrowers, and we encourage you to take advantage of the PPP to keep your workers on payroll, regardless of any local economic restrictions on your operations. SBA is continuing to work around the clock to forgive existing PPP loans and implement the next phase of this vital Program.”