Updated January 11, 2021
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.
Please access the following links for 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.
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. If applicable, please complete the Addendum A form to meet the SBA’s requirements.
The Small Business Administration (SBA) has stated that there will be a time-lapse between when a lender submits a PPP application to the SBA and when the SBA provides an SBA loan number to the lender. The delay is due to additional checks the SBA intends to conduct on borrowers to ensure the integrity of the PPP program. While there is no guarantee of adequate program funding, the SBA has expressed confidence that the amount of funding provided for first draw and second draw PPP loans will meet all borrower demand, and expects all loan applications will be processed in an orderly manner.
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.
The information contained on this webpage is for informational purposes only. Due to the complexity and evolving nature of PPP rules and guidance, we strongly advise you to seek guidance from your CPA, attorney or other advisor on any complicated PPP eligibility and/or loan forgiveness questions.
PPP loans subject to SBA approval. Restrictions may apply. See a banker for details.
On Sunday, December 27, 2020, a new $900 billion Coronavirus relief bill was signed into law by the President. The bill includes updates to the Families First Coronavirus Act, CARES Act, the Employee Social Security Deferral, and the Paycheck Protection Program.
We have updated content reflecting extensions to some of the credits and other updates as can be found in the articles below:
Families First Coronavirus Act
Presidential Memorandum Employee Tax Deferral
Paycheck Protection Program
We hope these articles provide your business with help in navigating the changes reflected in the recent bill. Type your paragraph here.
Simple Direct Servicing - We process your PPP2 loan application through one of our partners that provides fast, efficient services at no cost to you.
Max Offer Underwriting Servicing - We will facilitate your PPP2 application by doing a comprehensive review of all eligible expenses or options available to you with this program, ensure your application is completed properly, and manage the flow of documentation to the lender and SBA. Additionally, we can review your PPP1 application to see if missed out on any funds that may have been available. Certain fees are charged for consulting and directing the application on your behalf. For any questions please call 888-567-3084 x 21. Take the worry out of this process and work with a team that can help you get all the funding your business is eligible for!