Search Results for keywords:"Paycheck Protection Program"

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.

The U.S. Small Business Administration (SBA) is asking for public comments on a form related to the Paycheck Protection Program (PPP). Even though the PPP has ended, the SBA still needs to collect certain information because borrowers can ask for loan forgiveness, and there might be reviews or legal issues in the future. The notice is part of the process to extend the use of the form until March 31, 2025. The SBA invites the public to share ideas on improving the form and minimizing the burden on respondents.

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.

The Small Business Administration (SBA) is seeking public comments on its information collection related to the Paycheck Protection Program (PPP), following the requirements of the Paperwork Reduction Act. This rule is intended to gather feedback before submitting the information to the Office of Management and Budget for review. Although the authority to issue new PPP loans has expired, the SBA still needs this information to process loan forgiveness applications, conduct reviews, and handle any ongoing litigation. The existing information collection will remain necessary due to the extended retention requirements for lender records.

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.

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.