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<p class="MsoNormal"><span style="font-family:"Source Sans Pro",sans-serif">FYI – SBA published the press release below. This announces that the Paycheck Protection Program is restarting this Monday and the 2<sup>nd</sup> draw loan program starting on Wednesday.
</span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:"Source Sans Pro",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:"Source Sans Pro",sans-serif"> </span><o:p></o:p></p>
<h1><span style="font-size:11.0pt">SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
</span><o:p></o:p></h1>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><b><span style="font-family:"Source Sans Pro",sans-serif">WASHINGTON</span></b><span style="font-family:"Source Sans Pro",sans-serif"> – The
<a href="http://www.sba.gov/">U.S. Small Business Administration (SBA)</a>, 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.
</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:"Source Sans Pro",sans-serif">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.
</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:"Source Sans Pro",sans-serif">“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.” </span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:"Source Sans Pro",sans-serif">“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.”</span><o:p></o:p></p>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:"Source Sans Pro",sans-serif">Key PPP updates include:</span><o:p></o:p></p>
<ul type="disc">
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<span style="font-family:"Source Sans Pro",sans-serif">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;</span><o:p></o:p></li><li class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:auto;mso-add-space:auto;mso-list:l3 level1 lfo3">
<span style="font-family:"Source Sans Pro",sans-serif">PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;</span><o:p></o:p></li><li class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:auto;mso-add-space:auto;mso-list:l3 level1 lfo3">
<span style="font-family:"Source Sans Pro",sans-serif">The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
</span><o:p></o:p></li><li class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:auto;mso-add-space:auto;mso-list:l3 level1 lfo3">
<span style="font-family:"Source Sans Pro",sans-serif">The PPP provides greater flexibility for seasonal employees;
</span><o:p></o:p></li><li class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:auto;mso-add-space:auto;mso-list:l3 level1 lfo3">
<span style="font-family:"Source Sans Pro",sans-serif">Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and</span><o:p></o:p></li><li class="MsoNormalCxSpMiddle" style="mso-margin-top-alt:auto;mso-add-space:auto;mso-list:l3 level1 lfo3">
<span style="font-family:"Source Sans Pro",sans-serif">Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan. </span><o:p></o:p></li></ul>
<p class="MsoNormal" style="mso-margin-top-alt:auto;mso-margin-bottom-alt:auto"><span style="font-family:"Source Sans Pro",sans-serif">A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
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<span style="font-family:"Source Sans Pro",sans-serif">Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
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<span style="font-family:"Source Sans Pro",sans-serif">Has no more than 300 employees; and
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<span style="font-family:"Source Sans Pro",sans-serif">Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
</span><o:p></o:p></li></ul>
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<p class="MsoNormal"><span style="font-family:"Source Sans Pro",sans-serif">The new guidance released includes:</span><o:p></o:p></p>
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<li class="MsoNormal" style="mso-list:l0 level1 lfo9;text-autospace:none"><span style="font-family:"Source Sans Pro",sans-serif"><a href="https://www.sba.gov/sites/default/files/2021-01/Guidance%20on%20Accessing%20Capital%20for%20Underserved-508.pdf">PPP Guidance
from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns</a>;</span><o:p></o:p></li><li class="MsoNormal" style="mso-list:l0 level1 lfo9;text-autospace:none"><span style="font-family:"Source Sans Pro",sans-serif"><a href="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">Interim
Final Rule on Paycheck Protection Program as Amended by Economic Aid Act</a>; and</span><o:p></o:p></li><li class="MsoNormal" style="mso-list:l0 level1 lfo9;text-autospace:none"><span style="font-family:"Source Sans Pro",sans-serif"><a href="https://www.sba.gov/sites/default/files/2021-01/PPP%20--%20IFR%20--%20Second%20Draw%20Loans%20%281.6.2021%29-508.pdf">Interim
Final Rule on Second Draw PPP Loans</a>. </span><o:p></o:p></li></ul>
<p class="MsoNormal"><span style="font-family:"Source Sans Pro",sans-serif"> </span><o:p></o:p></p>
<p class="MsoNormal"><span style="font-family:"Source Sans Pro",sans-serif">For more information on SBA’s assistance to small businesses, visit
<a href="https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program">
sba.gov/ppp</a> or <a href="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">
treasury.gov/cares</a>. </span><o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:12.0pt;background:white"><span style="font-family:"Georgia",serif;color:black">Ryan Lambert</span><o:p></o:p></p>
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