Search Results for keywords:"Paycheck Protection Program"

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Search Results: keywords:"Paycheck Protection Program"

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  • 2020-29012 — Information Collection Available for Public Comment; Paycheck Protection Program
    💰
    Type:Notice
    Citation:86 FR 172
    Reading Time:about 6 minutes

    The Small Business Administration (SBA) is requesting public feedback on its forms used in the Paycheck Protection Program (PPP), particularly Forms 3509 and 3510, which gather information to assess borrowers' declarations of necessity for PPP loans. Comments will assist the SBA in refining these forms and ensuring they are effective and not overly burdensome. Feedback is also sought on the overall necessity, utility, and potential improvements to the information collected. Public comments should be submitted by March 5, 2021, via the provided email address.

    Simple Explanation

    The Small Business Administration (SBA) wants to know what people think about some forms they use to decide if businesses really need help from a special loan program called the Paycheck Protection Program (PPP). They're asking for ideas on how to make these forms better and easier to fill out.

  • 2021-02314 — Business Loan Program Temporary Changes; Paycheck Protection Program-Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act
    💰
    Type:Rule
    Citation:86 FR 8283
    Reading Time:about 86 minutes

    The interim final rule from the U.S. Small Business Administration (SBA) and the Department of the Treasury outlines updates to the Paycheck Protection Program (PPP) loan forgiveness and review procedures, incorporating changes mandated by the Economic Aid Act. This includes guidelines for forgiving loans from both the first and second draw of PPP loans and addressing necessary documentation and processes for loan forgiveness. Key updates include the extension of the program, new rules regarding nonpayroll costs, and exemptions for certain borrowers. The rule aims to provide immediate relief to small businesses impacted by the COVID-19 pandemic and allows the SBA to continue remitting forgiveness payments promptly.

    Simple Explanation

    The government made some new rules to help small businesses pay back special loans they got during the COVID-19 pandemic, making it easier for them to not have to pay everything back as long as they follow certain rules. They also changed how these loans work a little bit to help these businesses and make sure they have all the right papers.

  • 2021-00451 — Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act
    💰
    Type:Rule
    Citation:86 FR 3692
    Reading Time:about 117 minutes

    The U.S. Small Business Administration (SBA), in collaboration with the Department of the Treasury, issued an interim final rule implementing amendments from the Economic Aid Act to the Paycheck Protection Program (PPP). The rule extends the PPP, a program designed to provide financial aid to small businesses impacted by COVID-19, allowing them to apply for loans through March 31, 2021. It also includes updated guidelines for loan forgiveness, borrower and lender eligibility, and how loans can be used, with new rules for calculating maximum loan amounts and requirements for loan forgiveness applications. The Economic Aid Act amendments aim to streamline the application process and ensure fair access to the program for all eligible borrowers.

    Simple Explanation

    The government made some updates to a program that helps small businesses get money during tough times, so they can continue paying their workers. These updates also show businesses how to ask for this money and how they can have a part of it forgiven, meaning they don't have to pay it back.

  • 2021-02966 — Loans to Executive Officers, Directors, and Principal Shareholders of Member Banks
    💰
    Type:Rule
    Citation:86 FR 9837
    Reading Time:about 15 minutes

    The Federal Reserve has issued an interim final rule to extend relief for certain loans guaranteed under the Small Business Administration's Paycheck Protection Program (PPP) until March 31, 2021. This extension also includes PPP second draw loans and exempts insider loans from certain banking regulations if these loans pose minimal risk. This rule aims to facilitate lending to small businesses owned by bank insiders, ensuring they have access to financial resources without being hindered by restrictions. The public is invited to comment on the rule until April 5, 2021.

    Simple Explanation

    The Federal Reserve made a temporary rule that lets certain special loans to small businesses keep going until the end of March 2021 so that people who work at banks can get loans to help their businesses too, as long as it’s not risky.