The Paycheck Protection Program (PPP) is part of the Coronavirus Aid, Relief and Economic Security Act or CARES Act, which provides $2 trillion of aid and stimulus for both individuals and businesses. The PPP authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis.
On April 24, 2020, an additional package of $310 billion in funding was authorized for the Small Business Administration (SBA) PPP. This package aims to replenish the available funds to get PPP Loans to our nation’s small businesses.
On June 5, 2020, the PPP Flex Act was signed into law. This law provided additional flexibility to applicants and institutions. The changes include an extension of the applicable coverage period for expenses from eight weeks to 24 weeks (or December 31, 2020, whichever is sooner) after the application is approved. The term of any loan approved after June 5th has also been extended to a minimum maturity of five years.
Latest Updates on the Paycheck Protection Program
New Round of PPP Loan Applications and Second Draw Loan Applications
January 8, 2021 - The SBA released additional guidance regarding the Paycheck Protection Program (PPP). Congress has set aside funds for new and smaller borrowers, borrowers in underserved communities, and for smaller community banks and smaller lenders. So, the SBA will roll out the PPP program in phases.
New PPP Program Update
December 27, 2020 - On December 27, 2020, President Trump signed the stimulus bill that includes the new Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, authorizing $284 billion for an enhanced PPP loan program. While new rules and applications are expected in the coming weeks, we wanted to highlight some of the more important changes and let you know where to find further information as it becomes available.
Resources for the Citywide Banks PPP Loan Forgiveness Portal
PPP Loan Forgiveness Webinar
3508S Loan Application
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Paycheck Protection Program Helpful Links
SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application For Reference Only - Updated 01-19-21)
SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application For Reference Only - (Updated 01-19-21)
SBA Form 3508S Paycheck Protection Program Forgiveness Application For Reference Only - (Updated 01-19-21)
IMPORTANT NOTICE: These FAQs are based on the provisions of the CARES Act as implemented and interpreted by the U.S. Small Business Administration (“SBA”) and the U.S. Treasury Department (“U.S. Treasury”) through interim and final regulations, FAQs, and regulatory guidance and interpretations. The SBA and U.S. Treasury continue to issue new regulations, FAQs and guidance that in some cases changes or conflicts with prior guidance. The eligibility of a PPP loan for forgiveness and the amount and timing of any forgiveness will be subject to and dependent on approval pursuant to the regulations, FAQs and guidance in effect at the time a request for forgiveness is processed and as a result, we cannot provide you any assurances regarding forgiveness of your loan until such approval is received and any review or audit by the SBA completed. The information provided herein is not intended to constitute legal advice.
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