New SBA Procedural Notices and Subsidy Update
The SBA released further guidance: Click here to read SBA Information Notice 5000-20087 Updated Information on IRS Information Reporting Relating to the Payments Made on Behalf of Borrowers under Section 1112 of the CARES Act Based on Section 278 of the COVID-related Tax Relief Act of 2020 Click here to read SBA Procedural Notice 5000-20088 Extension of Temporary Procedures for Closing SBA Loans to Microloan Intermediaries Click here to read SBA Procedural Notice 5000-20089 Extension of Previous Guidance on Acceptable Signatures for Applications and Loan Documents in the 7(a) and 504 Business Loan Programs Through April 30, 2021 Click here to read Procedural Notice 5000-20090 Extension of Guidance on Acceptable Signatures for Microloan Program Notes It’s anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available.
Continue ReadingNew SBA Informational Notices and Resources from PPP Webinar -Update for January, 28, 2021
SBA released new Informational Notices: Click here for SBA Informational Notice 5000-20084 Implementation of Modifications to the 7(a) Loan Program in the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act Click here for SBA Informational Notice 5000-20085 Elimination of Certain 504 Loan Program Fees as Authorized by the Economic Aid Act Click here for SBA Informational Notice 5000-20086 Notice to Lenders that SBA has Informed Eligible Borrowers of Assistance Available under Section 1112 of the CARES Act Earlier this week the SBA hosted a webinar to provide guidance on SBA hold codes: Click here for a copy of the slide deck from the SBA Paycheck Protection Platform Lender Instructions for Resolving First Draw PPP Loan Hold Codes Click here for guidance on Unresolved Borrower Resolution Process For Second Draw PPP Loans Click here for an overview of Paycheck Protection Program loan data through January 24, 2021 It’s anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available.
Continue ReadingBorrower’s Disclosure Form and New Procedural Notices – Update for January 21, 2021
Additional guidance released by the SBA: Click here for SBA Form 3508D Borrower’s Disclosure of Certain Controlling Interests Click here for SBA Procedural Notice 5000-20079 Guidance on the Implementation of the Extension of the Section 1112 Debt Relief Program for the 7(a) and 504 Loan Programs, as Authorized by Section 325 of the Economic Aid Act to Hard-Hit Small Businesses, Nonprofits, and Venues Act Click here for SBA Procedural Notice 5000-20080 Guidance on the Implementation of the Extension of Section 1112 Debt Relief Program for the Microloan Program, as Authorized by Section 325 of he Economic Aid Act to Hard-Hit Small Businesses, Nonprofits, and Venues Act It’s anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available. Visit www.JellumLaw.com for a full archive of SBA Procedural Notices, Interim Final Rules, and more.
Continue ReadingSBA PPP Resources and Webinar – Update for January 25, 2021
The SBA released resources to assist with the implementation of the Paycheck Protection Program: Click here for the SBA’s Paycheck Protection Program overview with resources to recent guidelines Mark the calendar for Tuesday, January 26, 2021 at 2 PM ET for SBA to host a lender webinar to review Second Draw PPP Loans – Hold Codes, Flags, and How to Resolve Them, click here to join. It’s anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available. Visit www.JellumLaw.com for a full archive of SBA Procedural Notices, Interim Final Rules, and more.
Continue ReadingRevised SBA PPP Loan Forgiveness Forms – Update for January 20, 2021
Late yesterday, the SBA released revised Paycheck Protection Program Loan Forgiveness Forms: Click here for SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application Click here for SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application Click here for SBA Form 3508S Paycheck Protection Program Loan Forgiveness Application Click here for Paycheck Protection Program Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act It’s anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available. Visit www.JellumLaw.com for a full archive of SBA Procedural Notices, Interim Final Rules, and more.
Continue ReadingSBA Guidance for PPP Second Draw Loans – Update for January 19, 2021
The SBA released additional guidance for PPP Second Draw loans: Click here for Second Draw PPP Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide It’s anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available. Visit www.JellumLaw.com for a full archive of SBA Procedural Notices, Interim Final Rules, and more.
Continue ReadingNew SBA Procedural Notices – Update for January 18, 2021
The SBA released new Procedural Notices and further guidance on implementation of Paycheck Protection Program loans: Click here for SBA Procedural Notice 5000-20077 on Paycheck Protection Program Borrower Resubmissions of Loan Forgiveness Applications Using Form 3508S, Lender Responsibilities to PPP Borrowers, and Offset of Remittances to Lenders for Lender Debts Click here for SBA Procedural Notice 5000-20078 on Paycheck Protection Program Excess Loan Amount Errors Click here on How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type It’s anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available. Visit www.JellumLaw.com for a full archive of announcements and more.
Continue ReadingNew SBA Procedural Notice and Portal Timeline for All Lenders – Update for January 14, 2021
The SBA released further guidance on the Paycheck Protection Portal and a new Procedural Notice: Click here for SBA Procedural Notice 5000-20076 on First Draw Paycheck Protection Program Loan Increases After Enactment of the Economic Aid Act Click here to read the SBA Press Release announcing the timeline for re-opening the Paycheck Protection Portal to PPP-eligible lenders Friday, January 15, 2021 for PPP Lenders with $1 billion or less in assets for First and Second Draw applications Tuesday, January 19, 2021 for all participating PPP lenders to submit First and Second Draw loan applications It’s anticipated there will continue to be further guidance, processes, and procedures issued which we will continue to provide updates once available. Visit www.JellumLaw.com for a full archive of announcements and more.
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