The below listing presents a summary of the major points of each program. Selden Fox > Our Insights > Paycheck Protection Program 2: The Sequel Both the House and Senate passed, and the President subsequently signed, the CORONAVIRUS RESPONSE AND RELIEF SUPPLEMENTAL APPROPRIATIONS ACT (“The Act”) as part of the Consolidated Appropriations Act, which provides a wide array of COVID-related relief programs. Draw Paycheck Protection Program Loan or upon SBA request. The Financial Crimes Enforcement Network updated its frequently asked questions on the Small Business Administration’s Paycheck Protection Program, which address how lenders can meet Bank Secrecy Act requirements when issuing a PPP loan. The Paycheck Protection Program is one of the larger and most well-known initiatives that has been created to support small businesses during the novel coronavirus outbreak. The Paycheck Protection Program (PPP) Loan program has been the talk of most small businesses circles since the passage of the Coronavirus Aid Relief and Economic Security (CARES) Act late last month. October 9, 2020 Forgiveness Update. On December 27, 2020, President Trump signed the COVID relief legislation into law, which includes a new round of funding through the Paycheck Protection Program (PPP). Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021) Interim Final Rule on Second Draw Loans (Released 1/6/2021) For more information and updates, visit SBA.gov/PPP or Treasury.gov/CARES Important Paycheck Protection Program updates. This new round of PPP loans is available to both new applicants and those who previously received a PPP loan that meet more stringent eligibility requirements. The loans are available to both first … SBA Prioritizes Smallest of Small Businesses in the ... ... {} February 19, 2021. * This seminar will be for 2.0 NJ CLE Credits and cover the 2021 Updates for the Paycheck Protection Program that have been enacted by the United States Federal Government. Friday, April 24, 2020, was another seminal day for the Paycheck Protection Program, which has had quite a few of them. Some of the topics that will be addressed include:The New Paycheck Protection Program … Updates to the Paycheck Protection Program (PPP) $284 billion in additional funding has been allocated for the Paycheck Protection Program. Coronavirus Response and Paycheck Protection Program Updates February 22, 2021. SBA Paycheck Protection Program - Now Accepting Applications from 1st Century Bank Clients. The second round of PPP is available to both first time borrowers (first draw) and those who have … June 8, 2020. The Consolidated Appropriations Act, 2021 (Act) was signed into law by President Trump on December 27, 2020. This page is organized in the following manner: Information on Round 3 Loan Applications, Information on Forgiveness Applications, Additional COVID-19 Related Resurces. There are new changes in place that may benefit your small business! SBA Paycheck Protection Program Loan Forgiveness Overview. January 13, 2021. View Kerry Hoops second video on the SBA's Paycheck Protection Program. The Paycheck Protection Program - Legislative Updates • Outline the new round of PPP loans, including eligibility requirements. Tax & Business. Updates to the Paycheck Protection Program. January 5, 2021. Just as President Trump signed the latest $484 billion coronavirus relief bill into law October 1, 2020 Forgiveness Update. paycheck protection program updates. Paycheck Protection Program — Updates What Child Care Programs Need to Know June 17, 2020 In March, Congress created the Paycheck Protection Program (PPP) which is designed to help small businesses—like your child care center or family child care home—maintain payroll and benefits for employees To combat the unparalleled economic effects of the coronavirus, Congress enacted three major legislative initiatives in March 2020. March 31, 2020. On December 27, 2020, President Trump signed into law Congress’s spending bill, the Consolidated Appropriations Act (CAA), 2021, which included the Additional Coronavirus Response and Relief (ACRR) provisions that modified the Small Business Administration’s (SBA) Paycheck Protection Program (PPP). The Consolidated Appropriations Act (CAA) passed at the end of December 2020 contained language reopening the Paycheck Protection Program (PPP) for First Draw Loans and creating the PPP for Second Draw Loans. Below is a summary of the key updates this bill makes with respect to Paycheck Protection Program (or “PPP”) loans. Latest Update, 2/5/21: As the PPP Loan Forgiveness Process continues to evolve, we will update information here. The application window opened Monday (1/11) for community financial institutions that serve minority- and women-owned businesses. Learn More Preserving Jobs for American Industry. *THIS SEMINAR IS FREE FOR MEMBERS OF THE BERGEN COUNTY BAR ASSOCIATION THAT HAVE PAID THEIR 2021 BCBA MEMBERSHIP DUES! Paycheck Protection Program Updates: Additional Funding, New Interim Final Rule, and Updated Guidance . 1 About The Paycheck Protection Program1 and EIDL Updates **New Changes Made By Congress in December 2020** SUMMARY: In December 27, 2020, new legislation was enacted to extend the life of a vital program available to Main Street businesses: the Paycheck Protection Program (PPP).This new legislation December 29, 2020. Congress Provides Additional Funding and Guidelines for Paycheck Protection Program in Latest Stimulus Package PDF Share . New program for businesses with less than 20 employees Effective February 24 to March 9, 2021, the Small Business Administration (SBA) will only be accepting PPP loan applications for companies with less than 20 employees.Additional details are available here. Email Facebook LinkedIn Twitter. Paycheck Protection Program (PPP) Loan Updates December 7, 2020 This page contains a wealth of information surrounding business loans with the Paycheck Protection Program (PPP) and is updated regularly. Below is a summary of the “PPP” related provisions: Program reopens: The PPP program had been closed but this law effectively reopens the program. March 19, 2020. Copy {copyShortcut} to copy Link copied! FinCEN Updates Paycheck Protection Program FAQs. The PPP, a loan program designed to provide a direct … Paycheck Protection Program Updates. The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, has re-opened the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications. This legislation introduces material changes to the PPP for existing borrowers, including new forgiveness parameters. The Paycheck Protection Program is providing small businesses with the resources they need to maintain their payroll, hire back employees who may have been laid off, and cover applicable overhead. Understand what this means for your small business and what next steps you should take. The SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is … The Applicant received a First Draw Paycheck Protection Program Loan and, before the Second Draw Paycheck Protection Program Loan is disbursed, will have used the full loan amount (including any increase) of the First Draw Paycheck Protection ProgLoan only for ram eligible expenses. PAYCHECK PROTECTION PROGRAM UPDATES Dear Client: There have been several major changes to the Paycheck Protection Program (PPP) with the new bill signed into law the day after this past Christmas. Back PAYCHECK PROTECTION PROGRAM UPDATES Posted by January 5, 2021 by by Adrian Robinett. Updates. Update on Paycheck Protection Program Join us for a special session to receive the most up-to-date information on the latest round of Paycheck Protection Program. The Small Business Administration (SBA) recently released more information regarding the second round of Paycheck Protection Program (PPP) loans as the application process opened Monday, January 11 under the $284 billion program authorized by the $900 billion stimulus relief bill signed on December 27, 2020.. Paycheck Protection Program. Join us for a discussion of this new legislation. Share Shares Copy Link. Paycheck Protection Program (PPP) Updates Share. This legislation also funds a new round of PPP loans with heightened eligibility standards. Updates to the Paycheck Protection Program. Vermont outlines paycheck protection program updates, 2021 business tax credits. The Act reopened the Paycheck Protection Program (PPP) and clarified some key points on the forgiveness process. PPP was initially funded with $349 billion under the CARES Act and was reauthorized for a second round of funding totaling $310 billion under the Paycheck Protection Program and … The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.. September 11, 2020 Forgiveness Update. • Review program changes and the impact to borrowers and lenders • Updates to the EIDL and SBA Debt Relief programs January 8, 2021 Paycheck Protection Program Updates. CARES Act SBA Loan Programs - Coronavirus Support. Paycheck Protection Program (PPP) Updates. The Senate succeeded in passing the House of Representatives' bill that makes significant changes to the Paycheck Protection Program (PPP) and President Trump signed the legislation making it law on Friday, June 5. JFG will participate in the new PPP process providing you a trusted … The Small Business Administration (“SBA”) continues to provide guidance regarding the use and forgiveness standards for loans received through the Paycheck Protection Program (“PPP”). The most significant of these was the Coronavirus Aid, Relief, and Economic Security (CARES) Act, passed into law on March 27, 2020. December 31, 2020 Paycheck Protection Program 2 Update. The new law will: We were extremely thankful to see that PPP forgiveness will not be taxable and all expenses will be fully deductible. The law covers a wide range of topics, including updates and enhancements to the Paycheck Protection Program. In addition, there were several The portal is fully opened to all participating PPP lenders to submit First and Second Draw loan applications… [More] New Paycheck Protection Program (“PPP”) legislation is enacted. The Small Business Administration (SBA) has released borrower loan applications for the second round of PPP funding.