In late December, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act). It provides $284 billion in new funding for Paycheck Protection Program (PPP) loans. It makes significant changes to the PPP loan forgiveness process, including a streamlined forgiveness process for loans of up to $150,000.
Here are some documents from the SBA site to assist you in understanding the differences between the first draw and second draw PPP, along with a document to aid in determining loan amounts
At this time, the SBA’s portal is only open to Community Financial Institutions (CFIs), which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions, Certified Development Companies, and Microloan Intermediaries. The SBA will allow community, regional, and national banks, including TD Bank, to submit PPP applications in the coming days.
- PAYCHECK PROTECTION PROGRAM HOW TO CALCULATE MAXIMUM LOAN AMOUNTS – BY BUSINESS TYPE
- PAYCHECK PROTECTION PROGRAM LOANS (FAQs)
- PAYCHECK PROTECTION PROGRAM FIRST DRAW LOANS
- PAYCHECK PROTECTION PROGRAM SECOND DRAW LOANS