BULLETIN
JANUARY 11, 2021
UPDATED GUIDANCE ON THE NEW PPP LOAN AND SECOND DRAW REQUIREMENTS
On Friday, January 8th, the U.S. Small Business Administration (SBA) and the Treasury Department announced the schedule to re-open the Paycheck Protection Program (PPP). Starting on Monday, January 11th, first-draw applications will be processed, followed by second-draw applications on Wednesday, January 13th. This initial round of loans is limited to community financial institutions (CFIs) that serve minority and women-owned businesses. PPP processing is expected to open to large and national lenders within a few days thereafter.
“This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19,” said Treasury Secretary Steven T. Mnuchin. “We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”
Key recent updates and documents from the SBA include:
- Top-line Overview of Second Draw PPP
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
- Interim Final Rule on Second Draw Loans
- Second Draw Borrower Application Form
NEW WEBINAR: Join Employco USA to learn the LATEST UPDATES from the SBA including the new Paycheck Protection Program (PPP) guidance, application documents, and important upcoming dates.
During this FREE webinar, we’ll:
- Recap the second draw rules and updated eligibility requirements
- Summarize the recent SBA and Treasury guidance
- Review the new second draw application document
- Discuss tips to prepare for a new PPP application
There will be a brief presentation to begin the session, but most of the time will be dedicated to answering your specific questions!
FREE REGISTRATION
You’ll be able to join us at 11:30am CT this Wednesday, January 13th from your computer, tablet, or smartphone (you can also dial-in):
You can also use our registration form to submit questions you’d like to see answered/covered during the webinar.
Questions, comments, feedback?
If you have any questions or concerns, please contact:
Jason Eisenhut 630-286-7341 jeisenhut@employco.com