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Unpacking the Economic Aid Act and American Rescue Plan Act: Consolidated First Draw PPP Interim Final Rule, New First Draw PPP Loans, and Increases to First Draw PPP Loans
On January 6, 2021, the Small Business Administration (the “
SBA”) and the Department of Treasury released an Interim Final Rule called “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act” (sometimes referred to as the “
Consolidated First Draw PPP IFR” or the “
IFR”). That rule restates existing regulatory provisions into a single regulation on borrower eligibility, lender eligibility, and loan application or origination requirement issues for new First Draw PPP Loans, as well as general rules relating to First Draw PPP Loan increases and loan forgiveness.
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January 28, 2021 1:24 PM Robin Saks Frankel - Forbes Advisor
Posted:
Updated:
January 30, 2021 7:26 AM
The Paycheck Protection Program (PPP) is back and now includes the option to apply for a second draw of funds. Now, any eligible business can apply for a PPP loan, whether it’s their first time applying for the small business relief program or they’re seeking another slice of financial support after receiving a first loan. The application deadline is March 31.
But just because more money is available, does that mean you should apply?
“As long as you qualify for the second draw and you’re still in business with employees and normal operating expenses, it is highly beneficial to you to take the money,” says Benjamin Johnston, chief operating officer of Kapitus, a provider of small business financing. The company, through partnerships with Cross River Bank and several others, helped hundreds of companies with the application process during th
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