Page 12 - First Draw News Today : Breaking News, Live Updates & Top Stories | Vimarsana

To embed, copy and paste the code into your website or blog: On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the Act included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will: (1) accept applications from eligible borrowers for PPP loans that did not receive a PPP loan under the earlier program—known as a "First Draw Loan"; (2) permit qualifying businesses that received a PPP loan under the earlier program to receive a second PPP loan—known as a "Second Draw Loan"; (3) allow existing PPP...

SBA, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) for First Draw and Second Draw PPP Loans in January of 2021.    On December 27, 2020, a $900 billion COVID-19 aid package was signed into law as part of the larger omnibus bill funding the federal government. This bill includes $284 billion in new funding for the Paycheck Protection Program (PPP), the federal loan program established to support businesses impacted by this lengthy pandemic.  Now that Congress has reopened the application window for small business owners and entrepreneu...

REGULATORY DEVELOPMENTS On February 4, the SEC published a request for public comment regarding potential reform measures for money market funds, as highlighted in a recent report of the President’s Working Group on Financial Markets (PWG). The PWG report discussed the results of the PWG’s study on the effect of the COVID-19 pandemic on the short-term funding markets and, in particular, on money market funds, including the general stress experienced by prime and tax-exempt money market funds. The report concluded that the events of March 2020 show that more work is needed to reduce the ri...

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Following are a few highlights from this week’s Paycheck Protection Programs (PPP) report by the U.S. Small Business Administration. The report includes data through Feb. 7.