Economic Aid to Hard-Hit Small Businesses

In late December, Congress passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which provides $284 billion in new funding for Paycheck Protection Program (PPP) loans and 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 PPP and the 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.