TLF Update: Paycheck Protection Program Loans & Targeted EIDL Advance

ALBANY, N.Y. (February 10, 2021) – While the U.S. Small Business Administration is frequently making changes and updating its funding and loan options for businesses across the United States, TLF’s team of business attorneys are quick to provide their expertise and guidance for clients and business owners in order to best navigate these ever-changing times. Be sure to check back here for the latest updates and changes.

The SBA: How to Calculate Revenue Reduction and Maximum Loan Amounts and What Documentation to Provide

In mid-January, the SBA prepared an FAQ to assist businesses in calculating their revenue reduction and payroll costs in order to determine their eligibility for and amount of a Second Draw PPP Loan. The document provides information for businesses to better understand what is included in an entity’s “gross receipts,” what documentation is needed to corroborate the minimum 25% reduction in gross receipts, as well as additional information. Access the document provided by the SBA, here.

The SBA’s Paycheck Protection Program Loans FAQ

Late last month, the SBA published an FAQ to provide additional guidance to borrowers and lenders concerning the Paycheck Protection Program (PPP). Borrowers can find information regarding eligibility, forgiveness, and other general loan information. While lenders can find information concerning reporting, compliance, and more. Access additional information and the FAQ here.

The SBA’s Targeted Economic Injury Disaster Loan (EIDL) Advance FAQ

Most recently, the SBA published an FAQ regarding the new Targeted EIDL Advance to help potential applicants better understand their eligibility, the application process, and the program criteria. The document provides information regarding how and when to apply, what types of businesses are eligible, what documentation businesses will need to provide, and more. For additional information and to access the FAQ document provided by the SBA, click here.

*For more information about the loan program, visit Coronavirus Relief Options (sba.gov).

QUESTIONS? Check out TLF’s webinar on the second round of PPP below and on our Youtube Page.

Download the presentation in full below!

Download

This alert is provided for information purposes only and does not constitute legal advice and is not intended to form an attorney client relationship.  Please contact The Towne Law Firm, P.C. for additional information.