“Money, if it does not bring you happiness, will at least help you be miserable in comfort.” – Helen Gurley Brown (Author/Publisher)
On January 8, 2021, the U.S. Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) re-opened its acceptance of applications for capital access from both new borrowers and certain existing PPP borrowers beginning the week of January 11th. Community banks and financial institutions began accepting first draw and second draw PPP applications starting the week of January 11th. All other participating lenders were allowed by the SBA to begin accepting PPP applications shortly thereafter.
The SBA also issued some new guidance surrounding this round of PPP which authorizes up to $284 billion toward job retention and certain other expenses through the application deadline of March 21, 2021. Key PPP guidance updates include the following:
These are the notable highlights pertaining to this second round of PPP money in 2021. However, there are still so many details—that like in the first round of PPP in 2020—can be everchanging. The team here at The Foresight Companies are ever so able and willing to help, explain, answer questions, and guide our clients through the gauntlet.
As of this writing, the SBA has yet to provide greater guidance on the Economic Injury Disaster Loan (EIDL) grants. However, I will communicate new EIDL information as soon as new details emerge.
Lastly, I will leave you with another quote from the Dalai Lama:
“If we find we cannot help others, the least we can do is desist from harming them.”
As we continue to navigate through these times of uncertainty and adapt, we here are at The Foresight Companies want to be your source for all topics related to your business operations.
Please visit our COVID-19 Business Operations Resource Center frequently for updates.
*Please note that as information is updated and modified, terms and conditions are subject to change.