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Paycheck Protection Program - What Has Changed? | Stinson LLP


Five-year maturity
All guidance issued in connection with First Draw Loans applies to Second Draw Loans, except as specified in the new guidance applicable to Second Draw Loans.
SBA Guaranty
As with First Draw Loans, Second Draw Loans are subject to an SBA guaranty of 100% of Second Draw Loans. As a result, a lender who makes Second Draw Loan will not bear the financial risk of non-payment, as long as the lender complies with its obligations under the program.
Eligibility
Eligibility for Second Draw Loans is much more limited than for First Draw Loans. To be eligible an applicant must be a business concern, nonprofit organization, housing cooperative, veterans organization, tribal business concern, eligible self-employed individual, sole proprietor, independent contractor, or small agricultural cooperative that (i) employs not more than 300 employees, (ii) experienced a 25% or greater reduction in gross receipts for at least one quarter in 2020 as compared to t ....

Hong Kong , Criminal Division , North Carolina , United States , New York , District Of Columbia , New Jersey , South Carolina , Janet Yellen , Isabel Guzman , Salerno Simpson , Revenue Service , Office Of Inspector , Justice Criminal Division Fraud Section , Federal Bureau Of Investigation , Justice Criminal Division , Paycheck Protection Program , Us Postal Inspection Service , Department Of Justice , Deposit Insurance Corporation , While The Office , Small Business Administration , Pandemic Response Accountability Committee , Bureau Of Investigation , Securities Exchange , Fund Tax Treatment ,

For Existing PPP Borrowers, Stimulus Bill Expands Forgivable Uses And Eases Tax Consequences | Fox Rothschild LLP


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The $900 billion Consolidated Appropriations Act of 2021 (the Act) modifies the Paycheck Protection Program (PPP) in a variety of business-friendly ways likely to benefit both existing PPP borrowers and businesses that receive a second PPP Loan.
Specifically, the Act includes the following noteworthy changes:
Uses Eligible for Forgiveness
The Act expands on the types of expenses that PPP borrowers may use their proceeds to pay and later seek forgiveness. Notably, these changes apply to existing borrowers that have not received loan forgiveness.
Originally, PPP borrowers were eligible to seek forgiveness only for amounts spent on payroll costs, covered mortgage interest payments, rent and certain utility payments. In addition to the original permitted uses, the Act now permits PPP borrowers to seek forgiveness for the following: ....

Operations Expenditures , Property Damage Costs , Supplier Costs , Worker Protection Expenditures , Loan Necessity Questionnaire , Revenue Ruling , ப்ராபர்டீ சேதம் செலவுகள் , சப்ளையர் செலவுகள் , வருவாய் ஆளும் ,

Highlights 2nd Round of Paycheck Protection Program PPP


Monday, December 28, 2020
UPDATED: December 29, 2020
After much deliberation, Congress finally agreed to approve a $900 billion COVID-19 relief package as part of the Consolidated Appropriations Act, 2021. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP). The new relief package includes:
additional funding for new PPP loans
the ability to obtain a second PPP loan for small businesses facing significant revenue declines in any 2020 quarter compared to the same quarter in 2019
clarifications providing for the deductibility of business expenses paid with forgiven PPP loans (a material change from existing IRS guidance)
loan eligibility for Section 501(c)(6) not-for-profit organizations for the first time ....

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Alert: Continuation And Expansion Of The Paycheck Protection Program | Cole Schotz


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Congress has reached a bi-partisan agreement on the Consolidated Appropriations Act of 2021 (the “Act”), which includes a supplemental relief package aimed at mitigating the continued economic impact of COVID-19 on American businesses, individuals and families, and includes expansion of the Paycheck Protection Program (“PPP”) as initially enacted under the CARES Act.  The Act is currently pending signature by the President, who has indicated that he does not intend to sign without further modification of certain matters not directly related to the PPP.  If the President does not sign, it is possible that Congress will agree to certain modifications to the Act or override any Presidential veto and adopt the Act as drafted. ....

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