SBA New Pandemic Relief Package Resources
Here are the following resources for the New Pandemic Relief Package
Key PPP updates include:
(SOME INFORMATION TAKEN FROM WASHINGTON POST)
- Revisions to Loan Amount Calculation and Eligibility (03-03-21)
- Frequently Asked Questions for Lenders and Borrowers (03-03-21)
- SBA COVID Relief Program Report - Updated 2/11/2021
- SBA Calls - Week of Feb 2
- Shuttered Venue Operators Grants FAQ - Updated 1/27/2021
- Tax Credit and Filing Assistance
- Economic Injury Disaster Loan (EIDL) Overview - Updated 1/21/2021
- Second Draw - How to Calculate Revenue Reduction and Maximum Loan Amounts - UPDATED 1/19/21
- How to Calculate First Draw PPP Loan Amounts - Updated 1/17/2021
- PPP Loan Forgiveness Application Forms Revised January 19, 2021
- SBA Houston - Economic Aid Act Summary (01/15/21) - UPDATED
- SBA PPP Information in Chinese, Hindi, Japanese, Korean, Russian, Tagalog, Vietnamese - UPDATED
- Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance (Released 1/6/21)
- Top-Line Overview of First Draw PPP Loans (Released 1/8/21)
- Top-Line Overview of Second Draw PPP Loans (Released 1/8/21)
- Interim Final Rule #1 – PPP as Amended by Economic Aid Act (Released 1/6/21)
- Interim Final Rule #2 – PPP Second Draw Loans (Released 1/6/21)
- Procedural Notice – Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only) (Released 1/8/21)
- Procedural Notice - SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement (Released 1/8/21)
- PPP Loan Forgiveness
- FAQ for Lenders and Borrowers
- PPP Reopens Jan 11 - View Press Release
- US CHAMBER - Guide to Small Business COVID-19 Emergency Loans
- Form 2483 – First Draw Borrower Application (Updated 03/03/21)
- Form 2483-SD – Second Draw Borrower Application (Released 03/03/21)
Key PPP updates include:
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
- The PPP provides greater flexibility for seasonal employees;
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. (This calculation does not include loan forgiveness)
(SOME INFORMATION TAKEN FROM WASHINGTON POST)
IMPORTANT DATES - Updated 11/12
Jan 11 - PPP opens for First-time recipients
Who Can Apply?
Who Can Apply?
Jan 11 - PPP opens for First-time recipients
Who Can Apply?
- Businesses that have yet to receive a PPP loan before the program closed in August 2020
- Businesses with 500 or fewer employees
- Businesses with more than 500 employees that meet the SBA’s alternative size
- Self-employed individuals
- Sole Proprietorships
- Independent Contractors
Use of Funds Include:
Payroll & benefits
Mortgage interest
Rent & utilities
Worker Protection costs related to COVID-19
Application Period- January 11 – March 31, 2021
Who Can Apply?
- Businesses that previously received a PPP loan
- Business with no more than 300 employees
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
Use of Funds Include:
Payroll & benefits
Mortgage interest
Rent & utilities
Worker Protection costs related to COVID-19
Application Period- January 13 – March 31, 2021
Posted in Announcements, Around the Chamber, Business News Articles, Business Resource, Winter Storm
Tagged with PPP, Asian, Small Business, Relief Package, Funding, SBA, Economic
Tagged with PPP, Asian, Small Business, Relief Package, Funding, SBA, Economic
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