March 1, 2021
Stoll Keenon Ogden PLLC
On February 22, 2021, President Biden announced several updates to the Small Business Administration’s (“SBA”) coronavirus relief programs designed to assist participation in the Paycheck Protection Program (“PPP”) for the smallest of small businesses. Specifically, the Biden Administration introduced the following five changes:
Additionally, the Biden Administration highlighted several steps the SBA has taken to eliminate waste, prevent financial fraud and abuse across all federal programs and to improve the SBA website.
Even if your company previously received a PPP loan, you might be eligible for a Second Draw PPP Loan. The Second Draw PPP Loan forgiveness terms are substantially similar to the First Draw PPP Loan forgiveness terms. Still, be aware that the calculation of the amounts that may be borrowed and certain other aspects have changed. As before, it is important to focus on the details for your particular business.
Stoll Keenon Ogden understands that these are trying times for our clients and our country. Our firm operations have continued uninterrupted and our attorneys are equipped to serve as we always have – for more than 120 years.
If you would like to discuss the Paycheck Protection Program, the opportunities therein for your business, or other business-assistance programs available during the COVID-19 pandemic, please contact SKO’s SBA Loan Team led by Jamie Brodsky (502-568-5473) and Brad Keeton (502-568-5439).
Please also be sure to consult the Stoll Keenon Ogden Coronavirus Resource webpage for additional articles and information related to the latest information on new laws and directives enacted by federal, state, and local governments in response to the Coronavirus pandemic.