SBA New Pandemic Relief Package Resources

March 31st, 2021

Here are the following resources for the New Pandemic Relief Package

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

Updated PPP Application Forms

Form 2483 – First Draw Borrower Application (Updated 03/03/21)
Form 2483-SD – Second Draw Borrower Application (Released 03/03/21)

Community finance institutions can start issuing PPP loans to first-time recipients on Monday, Jan. 11. Those same lenders will be able to offer new loans to companies that previously received PPP loans starting two days later on Wednesday, Jan. 13. Protection Program (PPP) loan portal will be open 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 participating PPP lenders to submit First and Second Draw loan applications to SBA.

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.

A borrower is generally eligible for a Second Draw PPP Loan if the borrower:

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?

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