Draw Loan News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The Beacon BY U.S. REP. BOB LATTA As we begin a new year, citizens, workers, and small businesses in Ohio still need relief from the ongoing COVID-19 pandemic. Small businesses in Ohio’s Fifth Congressional District have faced many challenges throughout the COVID-19 pandemic. After speaking with restaurant owners, health care professionals, and others in Findlay, Cygnet, Stryker, Elmore, Maumee, Paulding, Napoleon, Van Wert, Genoa, and Wauseon, I learned that the Paycheck Protection Program (PPP), which was enacted through the CARES Act, has been a lifeline to small businesses and their emp...

Five-year maturity All guidance issued in connection with First Draw Loans applies to Second Draw Loans, except as specified in the new guidance applicable to Second Draw Loans. SBA Guaranty As with First Draw Loans, Second Draw Loans are subject to an SBA guaranty of 100% of Second Draw Loans. As a result, a lender who makes Second Draw Loan will not bear the financial risk of non-payment, as long as the lender complies with its obligations under the program. Eligibility Eligibility for Second Draw Loans is much more limited than for First Draw Loans. To be eligible an applicant must be a bu...

A: Borrowers are eligible for a second-draw PPP loan of up to $2 million, provided they have: 300 or fewer employees. Used or will use the full amount of their first PPP loan on or before the expected date for the second PPP loan to be disbursed to the borrower. The IFR also clarifies that the borrower must have spent the full amount of the first PPP loan on eligible expenses. Experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019. This is calculated by comparing gross receipts in any 2020 quarter with an applicable quarter in 2019, or, in a pr...

By Barry Ward, Leader, Production Business Management/Director, Ohio State University Income Tax Schools Congress passed the Consolidated Appropriations Act (CAA), 2021 on Monday, Dec. 21, 2020 which was signed by the President on Dec. 27. The CAA funds the government through Sept. 30, 2021, implements COVID-19 relief provisions, and extends a number of expiring tax provisions. The $2.3 trillion bill provides $900 billion in COVID-19 relief. This article highlights key provisions for farm related issues from several Acts within the CAA’s 5,593 pages. Economic impact payments The Act provid...

To embed, copy and paste the code into your website or blog: On December 27, 2020, President Trump signed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) into law to provide continued assistance to individuals and businesses that have been financially impacted by the ongoing coronavirus pandemic. Among its provisions is an extension of the Paycheck Protection Program (PPP) created by the CARES Act, authorizing approximately $284 billion in additional federally backed loans to help small businesses weather economic hardships caused by the pandemic. ...