Tag Archive | "PPP"

Application form. Paycheck Protection Program Borrower Application Form

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SBA and Treasury Re-open PPP Loan Portal

Posted on 12 January 2021 by cradmin

The U.S. Small Business Administration (SBA), in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal. SBA is continuing its dedicated commitment to underserved small businesses and to addressing potential access to capital barriers by initially granting PPP access exclusively to community financial institutions (CFIs) that typically serve these concerns.

When the PPP loan portal re-opened, it initially accepted First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs) and Microloan Intermediaries. These lenders made up approximately 10 percent of all PPP participating lenders in 2020. A First Draw PPP loan is for those borrowers who had yet to receive a PPP loan before the program closed in August 2020.

On Jan. 13, 2021, participating CFIs may begin submitting application information to SBA for Second Draw PPP loans. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan, generally have 300 employees or less, and has suffered a 25 percent reduction in gross receipts. At least $15 billion is set aside for additional PPP lending by CFIs.

In the near future, additional lenders will be able to submit First and Second draw PPP loan applications. SBA will continue to provide updates on systems operations. Additionally, SBA plans to dedicate specific times to process and assist the smallest PPP lenders with loan applications from eligible small businesses.

The opening of the SBA loan system is designed to efficiently and effectively implement the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act and to ensure increased access to the PPP for minority-, underserved-, veteran- and women-owned small business concerns. SBA also is calling upon its lending partners to redouble their efforts to assist eligible borrowers in underserved and disadvantaged communities.

Updated PPP Lender forms, guidance and resources are available at www.sba.gov/ppp.

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PPP

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Application Deadline for Paycheck Protection Program Extended

Posted on 06 July 2020 by cradmin3

Saturday July 4 the legislation was signed that extends the deadline for small businesses to apply for the Paycheck Protection Program (PPP) to August 8, 2020.

Enacted in the weeks following the economic shutdown caused by the coronavirus pandemic, the PPP allows businesses to get direct government subsidies for payroll, rent and other costs. The subsidies come as federal loans, but those loans can be forgiven if businesses use at least 60 percent of the funds for payroll.

The program had officially ended at midnight on June 30 with around $129 billion in funds remaining, out of the $660 billion that had been allocated. More than 4.8 million small business owners have utilized the program, which was designed as a bridge for companies to maintain their payrolls through the worst of the pandemic.

You may also be interested in this article: OSHA Issues Guidance As Non-Essential Businesses Reopen & Employees Return to Work

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