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On December 27, 2020, the Consolidated Appropriations Act, 2021 (“the Act”), was signed into law. The new law both funded the U.S. government for the remainder of FY 2021 and made available a wide range of COVID-19 relief support, including The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act (“Economic Aid Act”).
The Act reopens the Small Business Administration’s (“SBA”) Paycheck Protection Program (PPP), allowing businesses to apply for a loan for the first time or, in some cases, allowing existing PPP borrowers to apply for a second loan. In general, new first-time PPP borrowers will be subject to the PPP’s original eligibility rules as amended by the Economic Aid Act, and second-time PPP borrowers will be subject to the requirements outlined below. The Act includes significant modifications and extensions of the Paycheck Protection Program (“PPP”) including:
WASHINGTON – The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, re-opened the Paycheck Protection Program (PPP) loan portal today at 9 am ET. SBA is continuing
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At first, only community financial institutions (such as: Community Development Financial Institutions, Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries) will be able to make First Draw PPP Loans on Monday, Jan. 11, followed by Second Draw PPP Loans on Wednesday, Jan. 13. Shortly after that, the PPP will be open to all participating lenders.
The goal of PPP is to offer loans to businesses (especially small businesses) in order to help them keep their workforce employed throughout the current pandemic. The first round of PPP loans was offered in early 2020. This round of the PPP is authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021.
PPP returns, giving a crucial lifeline to small, underserved Houston businesses
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Shipley s Do-Nuts Baker Antonio Hernandez finishes a batch of doughnuts Monday, Jan. 11, 2021, in Houston. The Paycheck Protection Program is rolling out its second round. In it, small business owners such as Alan Bergeron, who owns two Shipley s franchises, will be able to apply for a second loan starting Wednesday.Yi-Chin Lee, Houston Chronicle / Staff photographerShow MoreShow Less
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Shipley s Do-Nuts Afternoon Manager Lesli Leal prepares variety doughnuts Monday, Jan. 11, 2021, in Houston. The Paycheck Protection Program is rolling out its second round. In it, small business owners such as Alan Bergeron, who owns two Shipley s franchises, will be able to apply for a second loan starting Wednesday.Yi-Chin Lee, Houston Chronicle / Staff photographerShow MoreShow Less
The SBA, in consultation with the U.S. Treasury Department, will open the Paycheck Protection Program loan portal on Monday, January 11, 2021 at 9 am ET. When the PPP loan portal system opens, it will initially accept First Draw PPP loan applications from participating CFIs, which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries.
Coconino County is holding a Paycheck Protection Program and Disaster Assistance Webinar on
Tuesday January 12