PPP Round 2

The SBA has updated the PPP informational pages with information for First Draw and Second Draw and Loan Forgiveness

Eligible businesses may apply for a Second Draw PPP loan.

The U.S. Small Business Administration (SBA), in consultation with the  Treasury Department, announced today that the Paycheck Protection  Program (PPP) will re-open the week of January 11 for new borrowers and  certain existing PPP borrowers. To promote access to capital, initially  only community financial institutions will be able to make First Draw  PPP Loans on Monday, January 11 and Second Draw PPP Loans on Wednesday,  January 13.  The PPP will open to all participating lenders shortly  thereafter. Updated PPP guidance outlining Program changes to enhance  its effectiveness and accessibility in  accordance with the Economic Aid to Hard-Hit Small Businesses,  Non-Profits, and Venues Act. 

SBA issued Fact Sheet on PPP Loan Forgiveness (10/30/2020)

SBA Frequently Asked Questions on PPP Loan Forgiveness (10/13/2020) 

 Updated: October 31, 2020
This New  Form for Loan Forgiveness is for loans less than $50,000.

 Updated: October 31, 2020
Instructions for Form 3508s for loans less than $50,000.

 Updated: Wednesday, June 16, 2020
This New  Form Loan Forgiveness is a simplified EZ Form for companies that qualify.   

FORM 3508EZ INSTRUCTIONS  

Version: Wednesday June 16, 2020
This Application on Loan Forgiveness present a meaningful change and a new policy for the SBA for FTE Calculations.   ( Updated 10-31-20 with new expiration date)

Instructions:  SBA FORM 3508 Paycheck Protection Program Loan Forgiveness Application Version June 16, 2020   (Updated 10-31-20 with new expiration date )

 Flexibility Amendment to Paycheck Protection Program  was passed on June 5th 2020

Treasury FAQ's on PPP Loan process for Borrowers and Lenders

The SBA will resume  accepting Paycheck Protection Program applications from participating  lenders on Monday, April 27, 2020 at 10:30am EDT. 

SBA Approvals from 4/27/2020 through 05/23/2020

Here is a link to download the Application for the Paycheck Protection Program Loan.

Paycheck Protection Program (PPP) Information Sheet: Borrowers (source: US Treasury)

  The Paycheck Protection Program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. Funds can also be used to pay interest on mortgages, rent, and utilities.

  Small Business Guidance & Loan Resources
Overview of Loan Programs Available

 A guide  from the California SBDC on resource for businesses impacted by COVID19

Understanding the Cares Act Impact

 The Governor’s Office of Business and Economic Development (GO-Biz )

The US Senate Committee in Small Business & Entrepreneurship provided The Small Business Owner’s Guide to the CARES Act