News & Announcements

UPDATE: Second draw PPP Loan Details

Late Yesterday Evening the SBA and Treasury released Interim Final Rules on the second draw Paycheck Protection Program (PPP) loan Program.

TERMS

In general, the PPP Second Draw is subject to the same terms and conditions as the first Draw PPP Loans:

  • The guarantee percentage is 100 percent
  • No collateral will be required
  • No personal guarantees will be required
  • The interest rate will be 100 basis points or one percent, calculated on a non-compounding, non-adjustable basis
  • The maturity is five years
  • Loans will be processed through Lenders, such as Banks and Credit Unions
Read more: UPDATE: Second draw PPP Loan Details

UPDATE: The Consolidated Appropriations Act, 2021 SIGNED INTO LAW

President Trump signed The Consolidated Appropriations Act, 2021 into law on Sunday without changes.

Provisions include:

  • TAX DEDUCTIBILITY OF EXPENSES RELATED TO FORGIVEN PPP LOANS BOTH NEW AND OLD
  • $284 billion for a SECOND ROUND OF PAYCHECK PROTECTION PROGRAM LOANS (PPP2)
  • $600 stimulus payments to individuals and dependents
  • $300 addition to extended unemployment benefits
  • Temporary 100% business expense deduction for meals

To learn more please see The Consolidated Appropriations Act, 2021.

Please reach out to discuss your individual situation, receive more information, or to receive assistance with the second round PPP application process.

The Consolidated Appropriations Act, 2021

The bill passed by congress late Sunday evening may now not immediately become law.  There are several provisions, mainly direct payments, that President Trump has indicated publicly he would like Congress to amend.

The timing on when the bill will become law is uncertain.  However, if President Trump won’t sign there is a very high probability the provisions in this bill would be the basis of any legislation if not the same legislation that would be passed and signed into law in 2021.

Read more: The Consolidated Appropriations Act, 2021

UPDATE: The Consolidated Appropriations Act, 2021 PASSES

Late yesterday evening Congress passed a $900 billion Covid-19 Relief bill known as The Consolidated Appropriations Act, 2021.  It contains much-anticipated provisions for both individuals and small businesses which include:

  • TAX DEDUCTIBILITY OF EXPENSES RELATED TO FORGIVEN PPP LOANS BOTH NEW AND OLD
  • $284 billion for a SECOND ROUND OF PAYCHECK PROTECTION PROGRAM LOANS (PPP2)
  • $600 stimulus payments to individuals and dependents
  • $300 addition to extended unemployment benefits
  • Temporary 100% business expense deduction for meals

If you would like to know more about the PPP Loan program or have assistance applying for the new PPP2 Loan please contact Andrew Dengel at 920-921-3356 or

UPDATE: Emergency Coronavirus Relief Act of 2020

The latest iteration of a relief bill is expected to pass as soon as this weekend. 

The Emergency Corona Relief Act of 2020 is a $748 Billion bill that aim to extend many of the prior relief provisions of the CARES Act such as unemployment assistance and small business support

One such provision is $300 Billion for a new round of Paycheck Protection Program Loans (PPP) for small businesses impacted by the pandemic.

If you would like to know more about the PPP Loan program or have assistance applying for the new PPP Loan please contact Andrew Dengel at 920-921-3356 or