Page 13 - First Draw News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Small Business owners are no strangers to being busy. Between serving customers, managing your employees, marketing your business, financials, payroll, scheduling, and paperwork –there’s little time for much else. Then you add a global pandemic to the mix and while in many ways the world seemed to slow down, small business owners everywhere had to work that much harder to try to find ways to survive. Now you’re hearing about the second wave of a coronavirus relief program for small businesses offered through the SBA and participating lenders called the Second Draw Paycheck Protection ...

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...

For the last seven months, the U.S. Small Business Association (“SBA”) and U.S. Treasury Department have administered one of the Federal government’s widely supported COVID-19 response...

CAA”), which provides $900 billion in new COVID-19 relief funding, was signed into law on December 27, 2020.  Section 324 of Title III of the CAA, the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (the “ Economic Aid Act”), introduces a new $15 billion grant program through which the U.S. Small Business Administration (the “ SBA”) will provide aid to struggling live venue operators and certain related businesses.  This program offers a critical lifeline from the Federal government for the nation’s performing arts venues, movie theatres and museums.  Grant...

WASHINGTON