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SMALL BUSINESS NEWS YOU CAN USE SBA Re-Opens Paycheck Protection Program The U.S. Small Business Administration, in consultation with the U.S. Treasury Department, reopened the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021. SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency’s ongoing efforts to reach underserved and minority small businesses. The SBA will continue its emphasis on reaching smaller lenders and businesses by opening to approximately 5,000 more lenders, including community banks, credit unions, and farm credit institutions. Moreover, the agency also plans to have dedicated service hours for these smaller lenders after the portal fully re-opens next week. “A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continuing weathering this time of uncertainty,” said SBA Administrator Jovita Carranza in a press release. “SBA has worked expeditiously to ensure our policies and systems are re-launched so that this vital small business aid helps communities hardest hit by the pandemic. I strongly encourage America’s entrepreneurs needing financial assistance to apply for a First or Second Draw PPP loan.” “We are pleased to have opened PPP loans to CDFIs, MDIs, CDCs, and Microloan Intermediaries. The PPP is already providing America’s small businesses hardest hit by the pandemic with vital economic relief,” Secretary of the Treasury Steven T. Mnuchin stated in the press release. “As the Program re-opens for all First and Second Draw borrowers next week, the PPP will allow small businesses to keep workers on payroll and connected to their health insurance.” First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, was a historic success helping 5.2 million small businesses keep 51 million American workers employed. 28 • FALL 2020 Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million. How and When to Apply You can apply for a Second Draw PPP Loan from January 13, 2021, until March 31, 2021. SBA is currently accepting Second Draw PPP loan applications from participating lenders. Lender Match (Lender Match is a free online tool that connects small businesses with SBA-approved lenders. Do not use if looking for an SBA EIDL loan) can help connect you with a lender. All Second Draw PPP Loans will have the same terms regardless of lender or borrower. Updated PPP Lender forms, guidance, and resources are available at www.sba.gov/ppp and www.treasury.gov/cares. 60,000 PPP loans approved in first week In its first week since reopening, the SBA announced that it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion. In early January, the PPP provided dedicated access to community financial institutions that specialize in serving underserved communities, including minority-, women- and veteran-owned small businesses. “The SBA continues to help small businesses across the nation access vital funds through the Paycheck Protection Program. Data from our first week, which first allowed hundreds of community financial institutions to submit applications, then opened wider to small banks, demonstrate that we have helped tens of thousands of businesses,” said SBA Administrator Jovita Carranza in a press release. “The PPP is off to another great start helping our nation’s economy. With PPP re-opening today for all First and Second Draw loan applications, the SBA remains committed to keeping small business workers on payroll and their doors open during this challenging time. Moreover, the SBA over-performed operationally, issuing guidance and rules in advance and in alignment with the new law’s requirements,” Carranza added. $1.1 million PPP loans forgiven so far totaling over $100 billion The SBA has already forgiven more than 1.1 million PPP loans for over $100 billion, providing an extraordinary amount of critical relief to America’s small businesses just 3 months since the earliest PPP borrowers’ covered periods ended, according to a January 12 press release. SBA Administrator Jovita Carranza stated in the press release, “For any eligible small business continuing to struggle due to the coronavirus pandemic, the Program has re-opened for new and certain existing PPP borrowers, and we encourage you to take advantage of the PPP to keep your workers on payroll, regardless of any local economic restrictions on your operations. SBA is continuing to work around the clock to forgive existing PPP loans and implement the next phase of this vital Program.” The SBA has so far received 1,346,125 forgiveness applications for approximately $170.5 billion. SBA has made payment on nearly 85% of the applications, forgiving over $100 billion. For the smallest borrowers with loans up to $50,000, 88% have been approved for forgiveness. Department of Labor announces annual adjustments to OSHA civil penalties The U.S. Department of Labor has announced adjustments to Occupational Safety and Health Administration (OSHA) civil penalty amounts based on cost-of-living adjustments for 2021. In 2015, Congress passed the Federal Civil Penalties Inflation Adjustment Act Improvements Act to advance the effectiveness of civil monetary penalties and to maintain their deterrent effect. Under the Act, agencies are required to publish “catch-up” rules that adjust the level of civil monetary penalties and make subsequent annual adjustments for inflation no later than January 15 of each year.
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