Management accounting

The SBA said that it is taking steps to improve the agency’s first-draw Paycheck Protection Program loan review process so that small businesses seeking a second-draw loan have as much time as possible to access those funds.

A new round of Paycheck Protection Program funding is available for businesses affected by the pandemic. Here’s what CPAs and business leaders need to know to get the funding they need.

The SBA and Treasury released updated Paycheck Protection Program loan forgiveness guidance and forms, including a one-page application for borrowers that received a PPP loan of $150,000 or less.

The SBA and Treasury issued guidance addressing how Paycheck Protection Program borrowers should calculate revenue reduction and maximum loan amounts for second-draw PPP loans — and what documentation should be provided to support those calculations.

New procedural guidance from the SBA outlines the processes Paycheck Protection Program borrowers and their lenders must follow to reapply for a first-draw PPP loan or request an increase to a loan approved by Aug. 8, 2020, which is when the first iteration of PPP stopped accepting applications.

Lenders with $1 billion or less in assets can start making Paycheck Protection Program loans on Friday, the U.S. Small Business Administration and Treasury announced. The application window will open for all lenders Jan. 19.

The new forms are Form 2483 for first-draw PPP loans and Form 2483-SD for second-draw PPP loans, which are available for previous PPP borrowers that need further assistance and meet eligibility requirements.

The US SBA and Treasury announced that community financial institutions that serve minority- and women-owned businesses exclusively will be able to make first-draw PPP loans starting Monday and second-draw PPP loans starting Wednesday.

The US SBA and Treasury released guidance for the revived and reconstituted Paycheck Protection Program. The guidance came in the form of two interim final rules, including one that details the guidelines for new PPP loans to businesses that previously received PPP funding.