[OMS_MANAGERS] FW: PPP announcement update

[Dallas Downtown Association]

Does this only apply to Washington?

*Melanie Fisher, *Executive Director
*Dallas Downtown Association*
*Office:* 971-701-1880*  | Direct: *971-707-2335
PO Box 903 | Dallas, OR. 97338

Email <M.Fisher.dda at gmail.com> | Website
<https://www.dallasdowntownassociation.org/> | Facebook
<https://www.facebook.com/Dallasdowntownassociation.org> | Instagram
<https://www.instagram.com/dallasdowntownassociation/>




On Fri, Jan 8, 2021 at 8:07 AM STUART Sheri * OPRD via OMS_MANAGERS <
oms_managers at omls.oregon.gov> wrote:

> FYI – SBA published the press release below. This announces that the
> Paycheck Protection Program is restarting this Monday and the 2nd draw
> loan program starting on Wednesday.
>
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> SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
>
> *WASHINGTON* – The U.S. Small Business Administration (SBA)
> <http://www.sba.gov/>, in consultation with the Treasury Department,
> announced today that the Paycheck Protection Program (PPP) will re-open the
> week of January 11 for new borrowers and certain existing PPP borrowers. To
> promote access to capital, initially only community financial institutions
> will be able to make First Draw PPP Loans on Monday, January 11, and Second
> Draw PPP Loans on Wednesday, January 13.  The PPP will open to all
> participating lenders shortly thereafter. Updated PPP guidance outlining
> Program changes to enhance its effectiveness and accessibility was released
> on January 6 in accordance with the Economic Aid to Hard-Hit Small
> Businesses, Non-Profits, and Venues Act.
>
> This round of the PPP continues to prioritize millions of Americans
> employed by small businesses by authorizing up to $284 billion toward job
> retention and certain other expenses through March 31, 2021, and by
> allowing certain existing PPP borrowers to apply for a Second Draw PPP
> Loan.
>
> “The historically successful Paycheck Protection Program served as an
> economic lifeline to millions of small businesses and their employees when
> they needed it most,” said Administrator Jovita Carranza.  “Today’s
> guidance builds on the success of the program and adapts to the changing
> needs of small business owners by providing targeted relief and a simpler
> forgiveness process to ensure their path to recovery.”
>
> “The Paycheck Protection Program has successfully provided 5.2 million
> loans worth $525 billion to America’s small businesses, supporting more
> than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin.  “This
> updated guidance enhances the PPP’s targeted relief to small businesses
> most impacted by COVID-19.  We are committed to implementing this round of
> PPP quickly to continue supporting American small businesses and their
> workers.”
>
> Key PPP updates include:
>
>    - PPP borrowers can set their PPP loan’s covered period to be any
>    length between 8 and 24 weeks to best meet their business needs;
>    - PPP loans will cover additional expenses, including operations
>    expenditures, property damage costs, supplier costs, and worker protection
>    expenditures;
>    - The Program’s eligibility is expanded to include 501(c)(6)s, housing
>    cooperatives, direct marketing organizations, among other types of
>    organizations;
>    - The PPP provides greater flexibility for seasonal employees;
>    - Certain existing PPP borrowers can request to modify their First
>    Draw PPP Loan amount; and
>    - Certain existing PPP borrowers are now eligible to apply for a
>    Second Draw PPP Loan.
>
> A borrower is generally eligible for a Second Draw PPP Loan if the
> borrower:
>
>    - Previously received a First Draw PPP Loan and will or has used the
>    full amount only for authorized uses;
>    - Has no more than 300 employees; and
>    - Can demonstrate at least a 25% reduction in gross receipts between
>    comparable quarters in 2019 and 2020.
>
>
>
> The new guidance released includes:
>
>    - PPP Guidance from SBA Administrator Carranza on Accessing Capital
>    for Minority, Underserved, Veteran, and Women-owned Business Concerns
>    <https://www.sba.gov/sites/default/files/2021-01/Guidance%20on%20Accessing%20Capital%20for%20Underserved-508.pdf>
>    ;
>    - Interim Final Rule on Paycheck Protection Program as Amended by
>    Economic Aid Act
>    <https://www.sba.gov/sites/default/files/2021-01/PPP%20--%20IFR%20--%20Paycheck%20Protection%20Program%20as%20Amended%20by%20Economic%20Aid%20Act%20%281.6.2021%29-508.pdf>;
>    and
>    - Interim Final Rule on Second Draw PPP Loans
>    <https://www.sba.gov/sites/default/files/2021-01/PPP%20--%20IFR%20--%20Second%20Draw%20Loans%20%281.6.2021%29-508.pdf>.
>
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> For more information on SBA’s assistance to small businesses, visit
> sba.gov/ppp
> <https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program>
> or treasury.gov/cares
> <https://gcc02.safelinks.protection.outlook.com/?url=https%3A%2F%2Fhome.treasury.gov%2Fpolicy-issues%2Fcares&data=04%7C01%7CRyan.Lambert%40sba.gov%7Cd603badc9d7d4c289dd708d8b3e5a2de%7C3c89fd8a7f684667aa1541ebf2208961%7C1%7C0%7C637457146149467490%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C1000&sdata=NBOzDGhS6sVtTkKz6G%2Fq%2FRcfBSHlE%2FgLxxqlHbm9mBk%3D&reserved=0>.
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> Ryan Lambert
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