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.
Several Reports are available within the Payroll System (RPO). Contact you Client Manager for assistance.
A PPP Forgiveness Guide is available. Ask you client manager for a copy.
A PPP FTE Reports for Forgiveness calculations is available. Ask you client manager for assistance.
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