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The Paycheck Protection Program (PPP) continues to reopen in a sequential fashion. This past Monday, Jan. 11, the PPP reopened for small businesses and other newly eligible entities that did not receive a PPP loan during the first round of the program this summer. The Small Business Administration (SBA) and the Department of the Treasury reserved the Monday opening for Community Financial Institutions (CFIs) to submit PPP loan applications. Wednesday, Jan. 13, the PPP reopened for eligible small businesses and entities interested in receiving a second PPP loan. The SBA and the Department of t...

To embed, copy and paste the code into your website or blog: Unpacking the Economic Aid Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans (January 14, 2021) Late on January 6, 2021, the Small Business Administration (the “ SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to as the “ Consolidated First Draw PPP IFR” or the “ IFR”). That rule restates existing regulat...

Late on January 6, 2021, the Small Business Administration (the “SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes;...

To embed, copy and paste the code into your website or blog: The Small Business Administration (SBA) has announced that they will reopen their portal for Paycheck Protection Program (PPP) loans for eligible borrowers beginning the week of January 11, 2021, after being shut down since August 8, 2020, when the prior congressional authorization for PPP loans expired. This new round of PPP loans is made possible by legislation that became effective on December 27, 2020, titled the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act), which made $284 billion...

Last month, Congress approved, and President Trump signed the Coronavirus Stimulus bill into law.[San Marcos, TX] [Hays County news] News, Features San Marcos News, San Marcos Record [Texas State]