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The U.S. Small Business Administration (SBA), in consultation with the Treasury Department, have reopened the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers. The PPP will open to all participating lenders shortly thereafter.
Understanding the new guidance in this most recent round of funding.
Another round of the Payroll Protection Program opened Monday for new borrowers and “certain existing PPP borrowers.” Many businesses around the country including here in Lubbock plan on taking advantage of it so they can continue to pay their employees.
Enter your number to get our free mobile app At first, only community financial institutions (such as: Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries) will be able to make First Draw PPP Loans on Monday, Jan. 11, followed by Second Draw PPP Loans on Wednesday, Jan. 13. Shortly after that, the PPP will be open to all participating lenders. The goal of PPP is to offer loans to businesses (especially small businesses) in order to help them keep their workforce employed throughout the current pandemic. ...
On January 6, 2021, Treasury issued two new Interim Final Rules (IFRs) addressing the new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act’s (Act) creation of PPP Second Draw Loans, and the Act’s various changes to PPP requirements generally. The major PPP components of the Act are set forth in detail in Buchalter’s COVID Alert of December 28, 2020 (Buchalter PPP Changes Alert), which can be found here. While discussing the Act’s requirements in some detail, the two IFRs made several key clarifications not fully spelled out, or left ambiguous, in the Act: The time...