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    Borrower Application Forms: First & Second Draw PPP Loans

    Posted by Alan Greenwell on Jan 12, 2021 12:31:18 PM

    On January 8, 2021, the U.S. Small Business Administration (SBA) released the Borrower Application Form, SBA Form 2483, for businesses applying for a First Draw PPP Loan or requesting an increase in their First Draw PPP Loan. Existing borrowers seeking a Second Draw PPP Loan will need to submit the Second Draw Borrower Application Form, SBA Form 2483-SD.

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    Topics: ohio, workplace productivity, Management, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, Paycheck Protection Program

    Interim Final Rule: Second Draw Loans

    Posted by Alan Greenwell on Jan 11, 2021 1:55:24 PM

    On January 6, 2021, the U.S. Small Business Administration (SBA) issued the Interim Final Rule on Second Draw Loans (the IFR). The IFR announces the implementation of section 311 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act), a component of the Consolidated Appropriations Act, 2021 (the Act), which authorizes the SBA to guarantee additional loans under the Paycheck Protection Program (PPP).

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    Topics: ohio, workplace productivity, Management, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, Paycheck Protection Program, Interim Final Rule

    New Paycheck Protection Program (PPP2) Guidance

    Posted by Alan Greenwell on Jan 7, 2021 2:25:03 PM

    The Consolidated Appropriations Act, 2021 (the “Act”) was passed by Congress on December 21, 2020, and signed into law by President Donald Trump on December 27, 2020. This is the second-largest federal stimulus package approved by Congress this year following the $2 trillion CARES Act passed in March 2020.

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    Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, Paycheck Protection Program, PPP2

    Consolidated Appropriations Act of 2021: Employee Retention Credit Changes

    Posted by Alan Greenwell on Dec 30, 2020 8:14:48 AM

    On Sunday December 27, 2020 President Trump signed the Consolidated Appropriations Act of 2021 (the Act) which included several enhancements to the Employee Retention Credit (ERC). The most prominent change is that businesses that received a loan pursuant to the Paycheck Protection Program (PPP) are now eligible for the ERC.

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    Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, Employee Retention, ERC

    PPP Update: Summary of Emergency Coronavirus Relief Act

    Posted by Alan Greenwell on Dec 18, 2020 1:41:34 PM

    Below is a summary of the proposed details on the Emergency Coronavirus Relief Act that was recently released. The proposed legislation includes significant updates to the Paycheck Protection Program (PPP). If approved, the bipartisan bill will make $267.5 billion additional funds available for PPP loans and $13.5 billion for Economic Injury Disaster Loans also overseen by the Small Business Association.

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    Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses

    PPP Loan Questionnaires Released for Borrowers of Over $2 Million

    Posted by Alan Greenwell on Nov 2, 2020 4:19:26 PM

    The Small Business Administration (SBA) published in late October that it will begin issuing loan necessity questionnaires to Paycheck Protection Program (PPP) borrowers with PPP loans of over $2 million. The loan necessity questionnaires will be utilized by the SBA to review the PPP borrower’s good-faith certifications of economic need. There are two versions of the questionnaire: Form 3509 that will be used by for-profit borrowers, and Form 3510 that will be used by non-profit borrowers.

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    Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses

    Congress Approves Favorable Changes to PPP

    Posted by Alan Greenwell on Jun 4, 2020 12:13:42 PM

    On Wednesday evening, the U.S. Senate approved H.R. 7010, a bill that will dramatically change critical terms to the Small Business Administration's Paycheck Protection Program, providing much needed relief for borrowers.

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    Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses

    SBA Loan Forgiveness: Application & Instructions

    Posted by Alan Greenwell on May 18, 2020 3:07:21 PM

    On Friday, May 15, 2020, the U.S. Small Business Administration released the much-anticipated application and instructions for how Paycheck Protection Program borrowers can see their loans forgiven.

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    Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act

    Question & Answer: "How will SBA review borrowers’ required good-faith certification...?"

    Posted by Alan Greenwell on May 14, 2020 12:20:28 PM

    "How will SBA review borrowers' required good-faith certification concerning the necessity of their loan request?"

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    Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act

    Paycheck Protection Program: Additional Funds Available

    Posted by Alan Greenwell on Apr 27, 2020 9:17:31 AM

    On Friday, April 24, 2020, the President signed into law a $484 billion relief bill called the Paycheck Protection Program ("PPP") and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing. 

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    Topics: ohio, workplace productivity, Management, 2020, Workplace Culture, Coronavirus, Stay at Home Order, SBA Disaster, COVID-19, Loan, SBA, Small Business Administration, Small Businesses, CARES Act

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