Updated: Feb 7
On January 20, 2021, Treasury and the SBA released the interim final rule Business Loan Program Temporary Changes; Paycheck Protection Program – Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act and updated the SBA Forms 3508, PPP Loan Forgiveness Calculation Form; 3508S (PPP forgiveness application for a loan of $150,000 or less); 3508EZ; and 3508D, Paycheck Protection Program Borrower’s Disclosure of Certain Controlling Interests.
On January 17, 2021, Treasury and SBA released How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type.
On January 8, 2021, the U.S. Small Business Administration, in consultation with the Department of Treasury, announced that the Paycheck Protection Program (PPP) will re-open the week of January 11, 2021 for new borrowers and some existing PPP borrowers. The initial wave of loans issued on Monday, January 11, and Wednesday, January 13, will only be available to community financial institutions, but the PPP will open up to all eligible lenders shortly after.
SBA has provided information for small business owners looking for a PPP loan, which can be found here. Additional information from SBA and the Department of the Treasury can be found at the below links.
PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns
Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
Interim Final Rule on Second Draw PPP Loans
Department of Commerce
On June 4, 2020, U.S. Secretary of Commerce Wilbur Ross announced that the U.S. Department of Commerce’s International Trade Administration (ITA) and U.S. & Foreign Commercial Service (USFCS) are temporarily reducing or eliminating the costs of several of their export services, providing relief to U.S. businesses affected by COVID-19. These efforts are intended to encourage the export of non-COVID-19-treatment-related “Made in the USA” products around the world in this moment of economic transition and recovery. See more HERE.
Department of Agriculture
On August 14, 2020, Additional commodities added to the USDA CFAP assistance program, apps now accepted until September 11th. See more HERE. Join a webinar for more information on August 19.
USDA has updated additional commodities eligible for CFAP- applications are due August 28th. See more HERE.
U.S. Secretary of Agriculture Sonny Perdue announced details of the Coronavirus Food Assistance Program (CFAP), which will provide up to $16 billion in direct payments to deliver relief to America’s farmers and ranchers impacted by the coronavirus pandemic. In addition to this direct support to farmers and ranchers, USDA’s Farmers to Families Food Box program is partnering with regional and local distributors, whose workforces have been significantly impacted by the closure of many restaurants, hotels, and other food service entities, to purchase $3 billion in fresh produce, dairy, and meat and deliver boxes to Americans in need.
USDA Now Accepting Applications For Coronavirus Food Assistance Program, Seeks Comments On Additional Entities To Include
Beginning May 26, 2020, the U.S. Department of Agriculture (USDA), through the Farm Service Agency (FSA), will be accepting applications from agricultural producers who have suffered losses. See more HERE
USDA is making available up to $1 billion in loan guarantees to help rural businesses meet their working capital needs during the coronavirus pandemic. Additionally, agricultural producers that are not eligible for USDA Farm Service Agency loans may receive funding under USDA Business & Industry (B&I) CARES Act Program provisions included in the Coronavirus Aid, Relief, and Economic Security (CARES) Act.
USDA announced the expanded B&I CARES Act Program authorities in a notice published in the May 21 Federal Register (PDF, 217 KB). Program funding expires Sept. 30, 2021. Eligible applicants may contact their local USDA Rural Development State Office in the state where the project is located.
USDA is developing application guides for lenders and borrowers on the B&I CARES Act Program. The Agency also will host two webinars to provide an overview of program requirements. To register for the webinar on Wednesday, May 27 at 3:30 p.m. Eastern Time, visit HERE. To register for the webinar on Wednesday, June 3 at 2:00 p.m. Eastern Time, visit HERE.
.Small Business Administration
On October 13, 2020, SBA & Treasury released additional guidance: Forgiveness Frequently Asked Questions – General Loan Forgiveness FAQ # 4 (page 2) has been added (Released 10/13/20)
Question: The PPP loan forgiveness application forms (3508, 3508EZ, and 3508S) display an expiration date of 10/31/2020 in the upper-right corner. Is October 31, 2020 the deadline for borrowers to apply for forgiveness? Answer: No. Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination. However, if a borrower does not apply for loan forgiveness within 10 months after the last day of the borrower’s loan forgiveness covered period, loan payments are no longer deferred and the borrower must begin making payments on the loan. For example, a borrower whose covered period ends on October 30, 2020 has until August 30, 2021 to apply for forgiveness before loan repayment begins. The expiration date in the upper-right corner of the posted PPP loan forgiveness application forms is displayed for purposes of SBA’s compliance with the Paperwork Reduction Act, and reflects the temporary expiration date for approved use of the forms. This date will be extended, and when approved, the same forms with the new expiration date will be posted.
On October 8, 2020, SBA, in consultation with the Treasury Department, today released a simpler loan forgiveness application for Paycheck Protection Program (PPP) loans of $50,000 or less. This action streamlines the PPP forgiveness process to provide financial and administrative relief to America’s smallest businesses while also ensuring sound stewardship of taxpayer dollars.
SBA and Treasury have also eased the burden on PPP lenders, allowing lenders to process forgiveness applications more swiftly. SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.
Click here to view the simpler loan forgiveness application. Click here to view the instructions for completing the simpler loan forgiveness application. Click here to view the Interim Final Rule on the simpler forgiveness process for loans of $50,000 or less.
Paycheck Protection Program (PPP) Policy Update – SBA & Treasury have recently released additional guidance:
Frequently Asked Questions For Loan Forgiveness (Released 8/4/20)
Summary of PPP lending as of 7/31/20 (Released 8/3/20)
For more information and updates, visit SBA.gov/PaycheckProtection or Treasury.gov/CARES
SBA issued a notice to inform Paycheck Protection Program (PPP) Lenders of the processes for submitting decisions on PPP borrower loan forgiveness applications. See more HERE.
U.S. Treasury Secretary Steven T. Mnuchin and Small Business Administration (SBA) Administrator Jovita Carranza issued the following statement following the enactment of the Paycheck Protection Program (PPP) Flexibility Act.
SBA and Treasury released the following guidance regarding the Paycheck Protection Program on April 28:
In a joint statement , Treasury Secretary Steven T. Mnuchin and SBA Administrator Jovita Carranza announced: “To further ensure PPP loans are limited to eligible borrowers, the SBA has decided, in consultation with the Department of the Treasury, that it will review all loans in excess of $2 million.”
SBA issued a new Interim Final Rule on Disbursements
SBA and Treasury updated their FAQ for Lenders and Borrowers for the Paycheck Protection Program. Questions 31 and 37 address the question of whether businesses owned by large companies with adequate sources of liquidity to support the business’s ongoing operations qualify for a PPP loan.
For more information and updates, visit SBA.gov/PaycheckProtection and Treasury.gov/CARES
To learn more about SBA’s relief options available for your business, click here.
SBA Debt Relief The SBA Debt Relief program provide a reprieve to small businesses as they overcome the challenges created by this health crisis. Under this program the SBA will pay the principal and interest of current 7(a) loans for a period of six months. The SBA will also pay the principal and interest of new 7(a) loans issued prior to September 27, 2020.
The SBA has published information on loan approvals under the Paycheck Protection Program (PPP) through April 16. Information on loan size, states, and industries is here.
Other key links on SBA’s webpage include:
Guidance for Businesses and Employers
SBA Temporary Hiring
SBA Products and Resources