PAYCHECK PROTECTION PROGRAM
As the immunisation program rolls out, there’s some light at the end of the tunnel, but we have a long way to go. Thankfully the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) became law on December 27, 2020. As part of this end-of-year emergency COVID-19 relief package, additional funding has been allocated to the Small Business Administration (SBA) for the reopening of the Paycheck Protection Program (PPP) for eligible first-time and second-time borrowers.
The Paycheck Protection Program is intended to provide economic relief to small businesses adversely impacted by the COVID-19 pandemic. The Economic Aid Act extends the authority of the SBA to make PPP loans through March 31, 2021 (or until the allocation of funds in the program has been reached) and revises certain PPP requirements.
You can use the following links to access guidance on the new round of PPP loans as authorized by the recently passed stimulus bill; including updates regarding borrower eligibility and general rules relating to loan increases and loan forgiveness.
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act(released January 6, 2021)
- Interim Final Rule on Second Draw Loans(released January 6, 2021)
- Top-Line Overview of First Draw PPP
- Top-Line Overview of Second Draw PPP
The SBA requires you to upload an addendum to the PPP Application if the Applicant or any owner of the Applicant is an owner of any other business or has common management (including a management agreement) with any other business.
For additional PPP information and updates on the Paycheck Protection Program, visit the U.S. Department of the Treasury CARES Act website or the SBA’s PPP website.
If you’re struggling or need help with your application, we’re here for you. Call us today to learn more about securing a PPP loan … even if you’ve had one already.
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