Overview
On December 27, the President signed into law the Consolidated Appropriations Act, 2021. The Act includes a roughly $900 billion COVID-19 relief package, known as the “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” (“Economic Aid Act”). The Economic Aid Act made available approximately $284.5 billion in new Paycheck Protection Program (“PPP”) funding and reopened the PPP for first- and second-draw loans on terms that are generally favorable to microbusinesses. The American Rescue Plan Act, which became law on March 11, allocates an additional $7.5 billion in funds to the PPP. The deadline to apply for a PPP loan under the American Rescue Plan Act was March 31, 2021. The PPP Extension Act of 2021, which became law on March 30, extends the PPP application deadline to May 31, 2021. The PPP Extension Act also provides an additional 30 days until June 30 for the SBA to finish processing applications received by the May 31 application deadline.
10 Things to Know about Second Draw PPP Loans as Updated for the Economic Aid Act and the ARP Act - Update #3 | Schwabe, Williamson & Wyatt PC
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Longtime West Allis store in jeopardy, doesn t qualify for PPP
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Economic Aid Act: 10 Things to Know about Second Draw PPP Loans - 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.
Small Business owners are no strangers to being busy.
Between serving customers, managing your employees, marketing your business, financials, payroll, scheduling, and paperwork –there’s little time for much else.
Then you add a global pandemic to the mix and while in many ways the world seemed to slow down, small business owners everywhere had to work that much harder to try to find ways to survive. Now you’re hearing about the second wave of a coronavirus relief program for small businesses offered through the SBA and participating lenders called the Second Draw Paycheck Protection Program.
If you have more questions than answers or feel like there’s no time to begin to understand the program and eligibility, you’re not alone. Commerce Bank of Wyoming is committed to being a resource and supporting your Business. That’s why they’ve compiled a list of your most commonly asked questions.