PPP Timelines, Guidelines and Applications Released

PPP Timelines, Guidelines and Applications Released

The Small Business Administration has released the applications for businesses to use to apply for the next round of PPP loans. There are different applications and different criteria for borrowers based on whether it is your first PPP loan or your second. The Paycheck Protection Program will re-open the on Monday, 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 January 11 and second draw PPP loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
 
 
NEW Application for Second Draw PPP

• Form 2483-SD – Second Draw Borrower Application (Released 1/8/21)

 
Updated Application for First Draw PPP

• Form 2483 – First Draw Borrower Application (Updated 1/8/21)

 
Guidance & Resources

• Policy Update for Restaurants – 2^nd Draw PPP (Released 1/8/21)
• Top-Line Overview of First Draw PPP Loans (Released 1/8/21)
• Top-Line Overview of Second Draw PPP Loans (Released 1/8/21)
• Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement (Released 1/8/21)
• Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance (Released 1/6/21)
• Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only) (Released 1/8/21)
• Interim Final Rule #1 – PPP as Amended by Economic Aid Act (Released 1/6/21)
• Interim Final Rule #2 – PPP Second Draw Loans (Released 1/6/21)

Webinar: PPP 2.0 and Employee Retention Credits
Wednesday, January 13
11:00 - 11:45 am (EST)
REGISTER HERE.

The Small Business Administration recently released guidance on the second draw Paycheck Protection Program loans, and we are offering a free webinar exclusively for MRA members to dive a little deeper on the requirements surrounding PPP 2.0, the simplified forgiveness application process, and Employee Retention Credits.
 
Frank McLaughlin, a partner with Antares Group, will lead a short webinar at 11 am (EST) Wednesday, January 13.
 
We invite you to take advantage of this free webcast and register today by clicking here.