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What to Know about the Paycheck Protection Program, Round Two - Update | Schwabe, Williamson & Wyatt PC

What to Know about the Paycheck Protection Program, Round Two - Update | Schwabe, Williamson & Wyatt PC
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Economic Aid Act: 10 Things to Know about Second Draw PPP Loans - Update #2 | Schwabe, Williamson & Wyatt PC

Economic Aid Act: 10 Things to Know about Second Draw PPP Loans - Update #2 | Schwabe, Williamson & Wyatt PC
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Updated Key Considerations for PPP Documentation under the Economic Aid Act | Schwabe, Williamson & Wyatt PC

Borrowers under the Small Business Administration’s (the “
SBA”) Paycheck Protection Program (“
PPP”) are required to either maintain or submit to lenders and the SBA certain documentation associated with their application for and their use of PPP loan proceeds. In addition, certain documentation is required for an appeal.
The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the “
Economic Aid Act” or “
PPP2 Act”) was enacted on December 27, 2020. On January 6, 2021, the SBA in consultation with the Department of Treasury (“
Treasury”) released two interim final rules:
(a) Interim Final Rule called Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act (“ ....

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Chambers of Commerce and Trade Associations Become Eligible for PPP Loans, With Certain Conditions | Baker Donelson

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COVID-19 has, without question, tragically impacted our health as well as irrevocably altered much of our way of life. Federal assistance in the form of the Coronavirus Aid Relief, and Economic Security Act (CARES Act), signed March 27, 2020, provided much needed emergency assistance in many ways across numerous sectors for our personal and economic wellbeing. Included as part of that Act was the creation of the Paycheck Protection Program (PPP), which has provided essential loans intended to assist in the survival of eligible for-profit businesses as well as certain non-profit organizations described in Section 501(c)(3) of the Internal Revenue Code (Code). ....

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PPP Loan Portal Reopened for First- and Second- Draw Loan Applications | Farrell Fritz, P.C.

The Second Draw Rules address the new PPP loans available for borrowers. These are generally subject to the same terms and conditions as the first draw PPP loans, which are described more fully below. The Consolidated Initial Rules, in the SBA’s own words, primarily “restates existing regulatory provisions to provide lenders and new PPP borrowers a single regulation to consult on borrower eligibility, lender eligibility, and loan application and origination requirements, as well as general rules on increases and loan forgiveness for PPP loans.”[1] To enhance the “readability” of the guidance, the Consolidated Initial Rules generally does not include the policy and legal justifications for the existing regulatory provisions, but those can be found in the original interim final rules. ....

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