|Paycheck Protection Program (PPP) Policy Updates
THE (PPP) PORTAL OPENS TO ALL LENDERS TODAY
If you have any questions, contact Eric Sievers, who is a BBACC member:
Commercial Loan Officers
BancorpSouth / Biloxi, MS
Be sure to catch Brown Water Banter Podcast (https://www.facebook.com/brownwaterb/) at 5:30p CST today for the latest updates about the American Rescue Plan. Our President, Eric Sievers, will be answering your questions during this podcast.
Yesterday, the American Rescue Plan Act was signed into law by President Biden. Among the changes made are as follows:
The American Rescue Plan Act’s Small Business Assistance and Support
The American Rescue Plan Act provides additional relief for the nation’s small businesses and hard-hit industries for programs the SBA is currently administering and adds new efforts, including:
• $7.25 billion additional for the Paycheck Protection Program, including to expand eligibility to additional nonprofits and digital news services
• Additional funds are allocated for the Shuttered Venue Operators Grant program, and now allows businesses to apply for both a PPP loan after Dec. 27, 2020, and the SVOG
• $15 billion additional for Targeted Economic Injury Disaster Loan Advance (EIDL) payments, including NEW $5 billion for Supplemental Targeted EIDL Advance payments for those hardest hit
• NEW: $28.6 billion for the Restaurant Revitalization Fund for industry-focused grants
• NEW: $100 million to establish a Community Navigator pilot program; grants will go to eligible organizations supporting efforts to improve access to COVID–19 pandemic assistance programs and resources.
SBA’s current relief efforts can be found at www.sba.gov/coronavirusrelief
, and more details about these program updates and new efforts the SBA will administer in the coming weeks.
How this will affect each business owner depends on your situation but these are all beneficial changes. For more specific information, please use the links above. Afterwards if you still have any questions about your specific situation, please do not hesitate to reach out.
Lastly, I will be on a local podcast this afternoon with a local CPA, Jordan Church, to discuss everything and anything PPP ranging from the loans, forgiveness, tax consequences, tax reporting, and more.
Thank you all for the positive feedback I have received from this newsletter. If there is anyone else that may benefit from this, please share or have them reach out and I can add them to the list. Have a great weekend.