In this Issue. The Office of the Comptroller of the Currency (OCC) issued guidance on its authority to charter limited purpose trust companies, raising the possibility that a limited.
Thursday, January 14, 2021
On January 6, 2021, the Small Business Administration (SBA) published an Interim Final Rule (IFR) announcing the implementation of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Ventures Act’s (Economic Aid Act) temporary loan program, the Paycheck Protection Program (PPP) Second Draw Loans. Key provisions of the PPP Second Draw Loan program are summarized below.
Eligibility for Second Draw PPP Loans
Eligible Borrowers
Eligible borrowers include businesses, nonprofit organizations that are eligible for First Draw PPP Loans under the Economic Aid Act, housing cooperatives, veterans’ organizations, tribal businesses, certain self-employed individuals, sole proprietors, independent contractors, small agricultural cooperatives, certain 501(c)(6) organizations, destination marketing organizations, and certain nonprofit news organizations.
Vermont Business Magazine The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 am ET. The portal will fully open on Tuesday, January 19, 2021 to all
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While the arrival of vaccines for the coronavirus have us seeing the proverbial light at the end of the COVID-19 tunnel, many small businesses, particularly in industries such as travel, hospitality and specialty retail, continue to feel the pain of governmental restrictions intended to minimize the spread of the insidious virus and associated behavioral shifts. In order to provide much needed help to these and other impacted small businesses, Congress, as part of a larger stimulus package (through the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act)) has finally reauthorized and amended the popular Paycheck Protection Program (PPP).