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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Do You Need Cyber Liability Insurance?


It may not be something you've ever thought about, or even heard of. Cyber liability insurance is a growing need for businesses -- and not just big businesses and national corporations, according to Ryan Murray, a vice president at Crest Insurance Group and the speaker for Republic Bank of Arizona's July ShopTalk event.

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PPP Has Let Us Show Our True Colors


It has been related many times that in a crisis we show our true colors, some stumble, some step up. I have been humbled and honored to work with a group of people who have stepped up in inspiring ways. Our bankers.

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