Page 28 - Second Draw News Today : Breaking News, Live Updates & Top Stories | Vimarsana

Thursday, January 14, 2021 On January 6, 2021, the Small Business Administration (SBA) published an Interim Final Rule (IFR) announcing the implementation of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Ventures Act’s (Economic Aid Act) temporary loan program, the Paycheck Protection Program (PPP) Second Draw Loans. Key provisions of the PPP Second Draw Loan program are summarized below. Eligibility for Second Draw PPP Loans Eligible Borrowers Eligible borrowers include businesses, nonprofit organizations that are eligible for First Draw PPP Loans under the Eco...

Vermont Business Magazine The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to all

Thursday, January 14, 2021 Provisions of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) and guidance provided by the Small Business Administration’s (SBA) subsequently issued Interim Final Rule (IFR) on the Paycheck Protection Program (PPP) have clarified changes to the PPP and enhanced options for current PPP borrowers. In addition, on December 9, 2020, the SBA issued additional guidance (FAQ 53) associated with its review of loan forgiveness applications and, specifically, its new Loan Necessity Questionnaires for borrowers that re...

To embed, copy and paste the code into your website or blog: With the latest round of the Paycheck Protection Program comes a pair of interim final rules from the Small Business Administration. Our Financial Services & Products Group explores the significant changes to the PPP brought by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. General changes to the PPP and the first interim final rule Second draw loans and the second interim final rule Tax treatment and additional comments The Small Business Administration (SBA), in consultation with the Treasury Department...

To embed, copy and paste the code into your website or blog: While the arrival of vaccines for the coronavirus have us seeing the proverbial light at the end of the COVID-19 tunnel, many small businesses, particularly in industries such as travel, hospitality and specialty retail, continue to feel the pain of governmental restrictions intended to minimize the spread of the insidious virus and associated behavioral shifts. In order to provide much needed help to these and other impacted small businesses, Congress, as part of a larger stimulus package (through the Economic Aid to Hard-Hit Small...