Page 17 - First Draw News Today : Breaking News, Live Updates & Top Stories | Vimarsana

The Paycheck Protection Program has begun a second round of applications for small businesses struggling to stay open during the pandemic, with some changes in how much aid is offered. Borrowers who received a First Draw PPP Loan are eligible for a Second Draw PPP Loan,if they have no more than 300 employees, and can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. For most borrowers the maximum loan amount is 2.5 times the average monthly 2019 or 2020 payroll costs of up to $2 million. For those in the Accomodation and Food Services sector...

Operator Ladies and gentlemen, thank you for standing by and welcome to the BankUnited, Inc., Fourth Quarter and Fiscal Year 2020 Earnings Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. [Operator Instructions] I would now like to hand the conference over to your speaker today, Susan Greenfield, Corporate Secretary. Please go ahead, ma'am. Susan Wright Greenfield -- Investor Relations, Corporate Secretary Thank you, Victor. Good morning and thank you for joining us today on our fourth quarter and fiscal year 2020 results conference call. ...

To embed, copy and paste the code into your website or blog: The new Economic Aid Act passed by Congress authorizes new PPP loans for first-time borrowers, but also additional PPP loans for those that already received a loan last year. This addresses the requirements and issues for the self-employed and sole proprietors, who have no employees, and who wish to apply for a second PPP loan under the new law (“Second Draw PPP Loan”). Requirements: If you are self-employed/or a sole proprietor, with no W-2 employees, and you report income from your business on your personal tax return, Form 10...

The U.S. Small Business Administration has already approved approximately 60,000 Paycheck Protection Program loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program's re-opening on Monday, Jan.

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. ...