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New PPP Rules Explained


President Biden announced many modifications to the Paycheck Protection Program last month. On March 3, 2021, the Small Business Administration issued its Interim Final Rule which outlines the actual rules and procedures to implement these changes.

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PPP Loan Applications for 2021: What You Need to Know


While the PPP re-opened January 11, 2021, only a small number of select community development financial institutions were granted access to the SBA submission portal, so far. Banks have been instructed to watch for the portal updates that opens access to all. No specific dates have been provided, so we will continue to watch for the "gates to open." In the meantime, we are accepting applications for both First Draw Loan and Second Draw Loan applicants

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PPP Loan Updates - What's New for 2021


On December 27, 2020, the Economic Aid to Hard-Hit Businesses, Nonprofits, and Venues Act (the Economic Aid Act) was signed into law. The Act reauthorizes and modifies the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan Program (EIDL). The SBA issued guidance to implement these new provisions January 6, 2021. The following information has been gleaned from that guidance issued by the SBA. Let's begin with what the Act provides for our existing PPP borrowers.

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PPP Loan Forgiveness: What to Expect Next


On October 8, 2020, the SBA released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. The new Form 3508S is expected to streamline the process while also protecting against fraud. Learn about the process and get the latest updates.

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PPP Loan Forgiveness - The Next Chapter


The rules for the Paycheck Protection Program (PPP) continue to be revised. Initially, the SBA posted an Interim Final Rule relating to the implementation of CARES Act on April 2, 2020. There has been nothing "final" about it! Subsequently, the SBA and Treasury issued additional Interim Final Rules, and then a series of revisions. While the intent of these revisions has been to make the program more accessible, and the relief granted through the loan proceeds more meaningful, the changes have created a great deal of confusion.

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