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
Continue ReadingNew SBA Procedural Notice – Update for January 27, 2021
The SBA released new guidance for the Paycheck Protection Program: Click here for Procedural Notice 5000-20083 SBA Paycheck Protection Platform Procedures for Addressing Unresolved Issues on Borrower First Draw PPP Loans Click here for the SBA’s Press Release on Taking Steps to Improve First Draw Paycheck Protection Program Loan Review 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 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
Continue ReadingCOVID 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.
Continue ReadingSBA 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.
Continue ReadingUpdated PPP FAQ –Update for December 10, 2020
An updated Paycheck Protection Program FAQ addressing SBA Form 3509 and 3510 Loan Necessity Questionnaire is now available: Click here to review the details on the Treasury website. We expect that 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 PPP announcements and more.
Continue ReadingSBA Procedural Notice 5000-20067 – Update for December 9, 2020
The SBA released Information Notice 5000-20067 regarding tax issues related to the payments made on behalf of borrowers under Section 1112 of the CARES Act. Click here to read the full SBA Information Notice 5000-20067.
Continue ReadingUpdated SOP 50 53 (2) – SBA Update for December 8, 2020
The U.S. Small Business Administration (SBA) has released SOP 50 53 (2) establishing supervision and enforcement procedures related to SBA lending. The SOP 50 53 (2) will go into effect January 1, 2021, Click here to access the updated SOP on the SBA website. Over the next several weeks, we will highlight the various changes within the SOP. Watch your inbox for more of these newsletters to catch the details. If you have questions about SOP 50 53 (2), please do not hesitate to contact Your SBA Legal Department at Jellum Law
Continue ReadingNew Main Street Lending Program FAQ
The Federal Reserve announced changes to the FAQs for the Main Street Lending Program. Importantly, the Federal Reserve has advised that lenders should submit their eligible loans to the Main Street SPV on or before December 14, 2020. Loans submitted after that date are unlikely to be processed in time for purchase by the Main Street SPV. Click here to read the FAQs related to Non-Profit Organizations Click here to read the FAQs related to For-Profit Organizations If your financial institution is interested in discussing the Main Street Lending Program, please contact us at Info@JellumLaw.com by December 1, 2020.
Continue ReadingSBA Procedural Notice 5000-20061 Update for November 25, 2020
the SBA released Procedural Notice 5000-20061 to further extend the previous guidance on acceptable signatures for 7(a) and 504 business loans. Click here to read the full SBA Procedural Notice 5000-2006.
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