Search Results for keywords:"COVID-19 economic relief"

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Search Results: keywords:"COVID-19 economic relief"

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  • 2021-00452 — Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans
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    Type:Rule
    Citation:86 FR 3712
    Reading Time:about 66 minutes

    The U.S. Small Business Administration (SBA) has issued an interim final rule implementing the Paycheck Protection Program (PPP) Second Draw Loans under section 311 of the Economic Aid Act. This program is designed to provide financial support to small businesses impacted by COVID-19 that already received a first PPP loan. Eligibility criteria include having 300 or fewer employees and experiencing a revenue decline of at least 25% compared to 2019. Second Draw PPP Loans have terms similar to the first draw loans and are eligible for loan forgiveness if conditions are met. Comments are invited until February 16, 2021.

    Simple Explanation

    The U.S. government made a new rule to help small businesses that were hurt by COVID-19. If a small business already got a loan before, they can try to get a second one to help pay their employees, but they need to show they have less money coming in than before.

  • 2021-00451 — Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act
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    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.