21 Juil Given that chatted about within the a past article, PPP2 brings any particular one borrowers meet the requirements to apply for good second PPP financing
This week, new U.S. Small company Administration (SBA) and you can Treasury will release this new revamped Salary Coverage System (PPP2). PPP2 usually reopen now to have first-big date consumers as well as on Wednesday, January 13 to possess 2nd-draw borrowers. The new recommendations put-out a week ago provided several interim latest rules (IFRs).
The original IFR Organization Mortgage System Brief Change; an income Coverage System as Revised consolidates the latest PPP laws for very first-big date individuals along with outlines alter created by the commercial Aid to help you Tough-Hit Small businesses, Nonprofits, and you can Sites Act, https://paydayloancolorado.net/merino/ P.L. 116-260 (the fresh Act). The applying for earliest-day individuals can be acquired right here.
The next IFR released by the SBA and you will Treasury Business Financing Program Temporary Changes; Salary Safety Program Next Draw Money sets forward the guidelines for second-go out individuals. The program having second-mark borrowers can be acquired here.
Along with the a couple IFRs above, the fresh new SBA put-out Recommendations on Accessing Financing to have Fraction, Underserved, Seasoned and you may Ladies-Owned Providers Concerns. That it guidance provides that SBA is committed to and make during the minimum the initial two days of the PPP2 app window unlock entirely to applicants of area creditors you to serve minority and you may women-possessed businesses.
Unlike the initial PPP, publicly traded companies managed, whether myself otherwise ultimately, of the specific members of brand new executive branch, and you may members of Congress (plus the partners) will never be eligible for PPP2 financing.