Page 22 - Second Draw News Today : Breaking News, Live Updates & Top Stories | Vimarsana

SBA and Treasury re-open PPP and issue new guidance Blog SBA and Treasury re-open PPP and issue new guidance The most recently enacted coronavirus relief package, the Consolidated Appropriations Act of 2021, included an additional $284 billion for the Paycheck Protection Program (PPP) available through March 31, 2021. In addition to providing more funding, the legislation also made certain changes to the program that include expanding authorized uses of funds and increasing loan forgiveness flexibility. Of note, the legislation permits borrowers who have already received a PPP l...

A: Borrowers are eligible for a second-draw PPP loan of up to $2 million, provided they have: 300 or fewer employees. Used or will use the full amount of their first PPP loan on or before the expected date for the second PPP loan to be disbursed to the borrower. The IFR also clarifies that the borrower must have spent the full amount of the first PPP loan on eligible expenses. Experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019. This is calculated by comparing gross receipts in any 2020 quarter with an applicable quarter in 2019, or, in a pr...

From U.S. Small Business Administration WASHINGTON — The U.S. Small Business Administration announced Tuesday that it has approved approximately

On January 12, 2021, the Eastern District of California settled the first False Claims Act (“FCA”) case based on Paycheck Protection Program ("PPP")-related fraud. SlideBelts Inc. – a...

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...