First Draw PPP Loans $2 Million and Up and the PPP Necessity Questionnaires - Update #2 | Schwabe, Williamson & Wyatt PC jdsupra.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from jdsupra.com Daily Mail and Mail on Sunday newspapers.
The Beacon
BY U.S. REP. BOB LATTA
As we begin a new year, citizens, workers, and small businesses in Ohio still need relief from the ongoing COVID-19 pandemic.
Small businesses in Ohio’s Fifth Congressional District have faced many challenges throughout the COVID-19 pandemic. After speaking with restaurant owners, health care professionals, and others in Findlay, Cygnet, Stryker, Elmore, Maumee, Paulding, Napoleon, Van Wert, Genoa, and Wauseon, I learned that the Paycheck Protection Program (PPP), which was enacted through the CARES Act, has been a lifeline to small businesses and their employees in Ohio and across the country.
In the Fifth District alone, the PPP was used by more than 6,000 businesses and supported more than 122,000 jobs. Without PPP funding, many of these businesses would not have survived the COVID-19 pandemic.
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On December 28, 2020, former President Trump signed the Consolidated Appropriations Act. Over 5,000 pages in length, the legislation (referred to herein as the Economic Aid Act) included revisions and additions to the Paycheck Protection Program (PPP). The new PPP will: (1) accept PPP loan applications from eligible borrowers that did not receive a PPP loan under the earlier program (known as First Draw Loans ); (2) permit qualifying businesses that received a PPP loan under the earlier program to receive a second PPP loan (known as Second Draw Loans ); (3) allow existing PPP borrowers not eligible for a Second Draw Loan to spend any remaining PPP funds on permitted expenses, which include additional forgivable expenses; and (4) change PPP rules for existing PPP borrowers, new PPP borrowers, and second draw borrowers in the areas of eligibility, forgivable expenses, and loan forgiveness.