SBA Releases PPP Round 2 Guidance – Update for January 11, 2021
SBA and the Treasury released guidance for implementation of the Economic Aid Act. Top Line Overviews: Click here for Top Line Overview of First Draw Loans Click here for Top Line Overview of Second Draw Loans Applications: Click here for SBA Form 2483 – PPP First Draw Borrower Application Click here for SBA Form 2483 SD – PPP Second Draw Borrower Application Click here for SBA Form 2484 – PPP First Draw Lender Guaranty Application Form Click here for SBA Form 2484 SD – PPP Second Draw Lender Guaranty Application Click here for SBA Form 3506 – Lender Application Form for Federally Insured Depository Institutions, Federally Insured Credit Unions, and Farm Credit System Institutions Click here for SBA Form 3507 – Lender Application Form for Non-Bank and Non-Insured Depository Institution Lenders Other: Click here for SBA Procedural Notice 5000-20075 Repeal of EIDL Advance Deduction Requirement for SBA Loan Forgiveness Remittances to PPP Lenders Click here for SBA Procedural Notice 5000-20074 Modifications to SBA Forms 3506, 3507 and 740 CA (for purposes of PPP only) Click here for the SBA PPP Lender Instructions the Origination Systems User Guide Click here for SBA PPP Lender Instructions API Technical Information
Read moreSBA releases preliminary guidance for the Economic Aid Act – Update January 7, 2021
SBA and the Treasury released preliminary guidance for implementation on some of the provisions of the Economic Aid Act: Click here for the IFR on Paycheck Protection Program as Amended by Economic Aid Act Click here for the IFR on Paycheck Protection Program Second Draw Loans Click here for Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns
Read moreCOVID Economic Relief Bill Is Signed Into Law – Update for December 28, 2020
Last night, the COVID Relief Bill known as the “Consolidated Appropriations Act, 2021” which includes “Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act” was signed into law. General highlights for lending institutions includes: Another round of Paycheck Protection Program (PPP) loans called a “PPP second draw”, with a maximum new loan amount of $2 million; Alleviates the requirement for Lenders to send Form-1099 to each borrower; Expanded coverage for allowable expenses and forgivable uses for PPP funds; Simplified PPP application process for loans under $150,000; Increased 7(a) loan guarantee form 75% to 90% through September 30, 2021; Extension of Section 1112 Payments for loans guaranteed by the SBA under the 7(a), 504, and Microloan programs through September 30, 2021; and, Increased the Express Loan program amount from $350,000 to $ 1 million from January 1, 2021 through September 30, 2021.
Read moreSBA Procedural Notice 5000-20071 – Update for December 18, 2020
SBA released updated underwriting criteria for new 7(a) loans and other related matters in response to the COVID-19 Emergency. Click here to read the full SBA Procedural Notice 5000-20071.
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