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Forgiveness Reductions Based on Salary or Wages Documents 1. COVERED PERIOD: The covered period is the period beginning on the date the lender disburses the PPP loan and ending on the date selected by the borrower that occurs during the period (i) beginning on the date that is 8 weeks after the date of disbursement, and (ii) ending on the date that is 24 weeks after the date of disbursement (the “Covered Period”). Please note that the option to elect an alternative covered period was removed because the Economic Aid Act provided borrowers flexibility to choose the end of their Covered Per...

(The Center Square) - The federal government opened a "priority window" on Wednesday that Colorado businesses with fewer than 20 employees can apply to for the next round of federal

To embed, copy and paste the code into your website or blog: On Monday, February 22, 2021, the Biden-Harris administration announced several reforms to the Paycheck Protection Program (“PPP“), including: Starting at 9 a.m. EST on Wednesday, February 24, 2021, through Tuesday, March 9, 2021 (the “ Exclusivity Period”), only eligible businesses with fewer than 20 employees can apply for relief through the PPP. During the Exclusivity Period, SBA will reject new applications for applicants with 20 or more employees unless such applications were submitted by lenders to SBA before the sta...

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 Second Draw PPP loans under the 2021 Economic Aid Act. PPP Experience To Date As we discussed in a recen...

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 access the webinar, click here. To access the webinar by phone, call 202-765-1264 and enter code 986 011...