Will There Be A Third Round Of Ppp Funding

Despite the federal government’s efforts to give minority and women-owned businesses priority in the latest round of PPP funding, small businesses without established ties to banks are still being left out of the aid program. If a company wants to apply for PPP funding it should be in touch with its lender immediately, Scott said. The IRS has an online payment tracker tool to see when payments will be released. For us, it’s a family,” Mondkar said. Pandemic Emergency Unemployment Compensation provides 13 additional weeks of benefits after the 20-week period allowed in S. The Small Business Administration’s second round of Paycheck Protection Program (PPP) funding is open through March 31, 2021, and President Biden just announced a series of program enhancements to ensure that underserved small companies hardest hit by the pandemic have the best opportunity to apply for the PPP funds. Newly added FAQs from the Small Business Administration and the Treasury Department address two challenges with the Paycheck Protection Program that the American Bankers Association and the state bankers associations have been urgently raising with officials: the promissory note to use with PPP loans and the expectation for a five-day period between loan approval and funding. 5 billion available, including $35 billion for first-time loans. But even if it does, Cantor said, having taken the money means other applicants were shut out because the first PPP round ran out of funding. New Allowable Uses May Be Key to Restaurants. The bill set aside $60 billion of the PPP funding for small and medium-sized community banks with the intent to aid small businesses that don't have relationships with larger banks. The Second Round of Funding: Flattening Demand and Converging Acceptance Rates. The initial round of Paycheck Protection Program funding authorized last March focused on S-Corps and C-Corps due to the simplicity and ease of the calculation based on payroll figures. If the funds aren’t used under the strict guidelines they have to be paid back anyways. Chamber of Commerce policy chief weighs in on the potential for additional funding. However, it appears as though a further PPP funding will be tied to passage of another stimulus package. Congress is currently negotiating a new coronavirus relief package that could include a third round of PPP assistance. 2 million appropriation for food security, rental assistance, & homeless services. Department of Employment and. Congress approved another round of coronavirus relief, meaning additional Paycheck Protection Program funding and updates regarding covered uses of PPP funds. The SBA currently has about $135 billion remaining in this round of the PPP program. On Sunday, December 27, President Trump signed the $900 billion relief package passed by Congress before Christmas into law. Economic Impact Payments and Assistance Programs. On Sunday, May 3, National Economic Council Director Larry Kudlow said the White House has made no decision on providing further funding for the emergency loan program for small businesses impacted by the coronavirus pandemic, but said a third round might be necessary. January 25, 2021. When the PPP funding was exhausted within two weeks, a second round of funding became available in April. There is more to speaking than just producing sounds and words correctly. The Act extended several tax benefits temporarily, authorized the third round of individual economic stimulus checks, and allocated several billion dollars to vaccine manufacturing and distribution. The amount of local loans/grants ranged from over $5 million for the largest company down to $575 for a. Promoting transparency and accountability by improving the PPP loan application. Boucher noted that there is over a $100 billion leftover of PPP that. An expansion of additional eligible expenses to be included for PPP loan forgiveness. The Moon administration has proposed 21. We'll continue to keep an eye on new guidance and updated rules as it relates to this new round of funding and will update. STAMFORD, Conn. The Round 3 application window was from 10 am on Thursday, July 16, 2020 until approximately 3 pm on Friday, July 17, 2020. MVPI Motor Vehicle Periodic Inspection also known as Fahas is a process to get a certificate of eligibility for your vehicle to be able to drive on the road to ensure your safety as well safety of other road users. Pandemic Emergency Unemployment Compensation provides 13 additional weeks of benefits after the 20-week period allowed in S. Many manufacturers, small manufacturers, have taken advantage of the PPP program. During the initial round of the PPP, our banking partner, Cross River Bank was one of the top 3 PPP lenders in the country by number of loans. There was strong agreement that there should be a future round of PPP loans for businesses. But even if it does, Cantor said, having taken the money means other applicants were shut out because the first PPP round ran out of funding. Arvest Now Accepting Round 2 Paycheck Protection Program Applications. Second Round of PPP. New questions for this round of the survey included those regarding the status of Small Business Administration (SBA) loans and the Paycheck Protection Program. It is not to be construed as the opinion of Central Bancompany, Inc. Independent contractors and sole proprietors also qualify. If you'd already submitted an application to PPP, now's the time to check. PPP loans on a “first-come, first served” basis. We love that word is spreading so quickly about our third round of Small Business COVID-19 Recovery Grants and wanted to give you the opportunity to review and submit an application of your own. SBA to Require PPP Loan Necessity Form from Large Borrowers Businesses and not-for-profits that received $2 million or more in PPP loans must complete loan necessity questionnaires. As Congress considers whether there will be a third round, the Federal Reserve is preparing to launch its Main Street Lending Program and the SBA, working with the Treasury Department, is preparing to release new guidance on applications for PPP Loan Forgiveness. Video Staff With the Paycheck Protection Program likely already oversubscribed, Neil Bradley of the U. , tweeted on Tuesday morning. Residential co-ops had been barred from receiving small-business assistance in past rounds. In mid-January, a third round of PPP loans opened. We don't know all the rules, we don't have all the answers but we can share what we do. Lendio CEO Brock Blake will be talking about PPP loans and the state of American small business with Former SBA Acting Associate Administrator Bill Briggs. NEW YORK--(BUSINESS WIRE)--As Congress weighs renewed economic stimulus, CPA firms should be gearing up to assist small businesses whose survival depends on a new round of funding under the. Congress approved a third round of funding for the Paycheck Protection Program (PPP) on December 21. [1] They are not. PPP coverage was broad, reaching every pocket of the American small-business community. The IRS has an online payment tracker tool to see when payments will be released. That could help the money last longer. The Current Account is a summary of all transactions in assets, real or financial. As we discussed in a recent blog post, with the third round of PPP funding currently underway, the government, through SBA and the Financial Crimes Enforcement Network (“FinCEN”), has begun taking steps to clarify lender compliance obligations in implementing the PPP. More than 8,000 PPP loans were approved for businesses in the hotel industry, according to newly released SBA data. While it may not be possible to find a complete solution, any action should probably involve. Since then, the SBA appears to have approved more smaller loans, a signal. The simplest way would be to issue a second, 20-week round of Paycheck Protection Program (PPP) funding so that all the firms and people in the industry need to do is execute a second note under. By Taylor Adkins, VP of Product. Currently, there are discussions being held with Congress of the PPP funding being extended beyond March 31, 2021; however, no law has been signed and no details provided by the SBA. President Donald Trump on Friday signed off on the second round of PPP funding, which sets aside $60 billion in loans for processing by banks and credit unions with $50 billion or less in assets. We think there’s an eagerness to get money before funds are exhausted,” Shaffer says. Nationally, Wells Fargo has completed 60,000 PPP applications for a total of over $3. The fresh roll out on Jan. So far in this round of funding, 2,910 PPP loans valued at $229,004,064 million have been approved by. The balance was $53. 11 with $284 billion appropriated through the Economic Aid Act. Funding for the second PPP loans will be available to small businesses that have sustained quarterly revenue losses of at least 25% in at least one quarter in 2020. As of Wednesday, at 10:30 a. There is no revenue drop requirement if you are taking your first PPP funding now. Many small businesses, non-profits and independent contractors may be eligible for the new round of PPP loans. January 10, 2021 A third round of the Paycheck Protection Program will prioritize minority-owned businesses and the community lenders that serve them. The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted. However, small banks have said for the last two weeks that they have been swamped with applications — doing an entire year’s worth of loans in a weekend — so it’s likely most of that money is now spoken. For the purpose of disbursing loan funds during the forgiveness period, the covered period is the 8 weeks following the origination of the PPP loan (generally, the funding date). The latest bill of CoronaTax still has to be interpreted by the IRS, SBA and other agencies. There weren’t many new homes being started in April and May. Amid the second round of funding, 1,651 PPP loans were funded amounting to $146. The loans are issued through local banks but guaranteed by the Small Business Administration. In mid-January, a third round of PPP loans opened. It can be given to those applying for the first time or it can be accessed for the second round of stimulus for businesses who already used money once. There was still roughly $120 billion of funding unclaimed based on loan approvals as of March 7, U. ASIPP’s hard work is helping during the pandemic. CFIs that balance customer needs. PPP loans are meant for small businesses with 500 or fewer employees. There is bipartisan support for funding the program, which has seen massive demand since its April 3 launch. The SBA re-opened the PPP Jan. In order to apply for a PPP loan, there are a few things you’ll need to do. Small Business Association, the government agency responsible for distributing PPP loans, opened a third round of PPP funding in January that brought between $3 and $3. Stay in the loop You'll receive timely communication on program updates to help ensure that your application can be accurately completed and submitted to the SBA for approval. As we discussed in a recent blog post, with the third round of PPP funding currently underway, the government, through SBA and the Financial Crimes Enforcement Network (“FinCEN”), has begun taking steps to clarify lender compliance obligations in implementing the PPP. In conclusion, there are a variety of different factors that have led to rising levels of traffic in urban areas. 5, 2021 /PRNewswire/ -- SBA Funding will facilitate the second round of Paycheck Protection Program ("PPP") loans for small business owners seeking to take advantage of the. Congress is currently negotiating a new coronavirus relief package that could include a third round of PPP assistance. PPP loans are excluded from caps for Member Business Loans, so placing them under unsecured personal loans keeps them out of commercial loan calculations. The window of opportunity is small and the loan structures unconventional, but there’s no question that small businesses are in dire need of support. In a public address and subsequent White House written release, Biden laid out some “reforms” to the PPP, the SBA’s loan to grant program now in its third round of funding. There weren’t many new homes being started in April and May. Also new to round three of the PPP: High-end co-ops and Hollywood agents. The new funding is available to both first-time applicants and returning borrowers. Heard on: but there is at least more data analyzing the costs and benefits of working from home. LUBBOCK – December 28, 2020 – Lubbock National Bank announced it will be ready to offer Paycheck Protection Program (PPP) loans as soon as the Treasury and the SBA release new guidance on the. As of the announcement by President Biden on February 22nd, 2021, the focus for this second round will be on “mom and pop” businesses. If we have a third round of PPP funding, we will continue to be selective and nimble in getting the funding to the businesses and nonprofits in our communities as quickly as possible. Horizon Community Funds continues to review requests for funding from nonprofits seeing new or increased demands on resources DIRECTLY related to the spread of COVID-19. has expired. Will we see additional funding for the PPP loan program? It’s likely we’ll see a second round of funding by the end of the month. PPP borrowers are advised to consult with their accountants to determine their specific tax relief benefits. During the first round of PPP, Rewards Network ("we") received many questions around what restaurant owners needed If you opened in the third quarter of 2019, then compare your This was a major topic and concern during the first round of PPP funding, made more pressing by government. businesses and nearly half of the nation’s workforce. Lenders note that although there are some new obstacles with the third round of PPP funding, the SBA is steadily improving its processes. PPP Round B Application is Live! Get started here. So we're now on the second round of PPP funding, and I predict there will need to be a third round. There is a massive amount of spending in this bill, but this advisory only addresses the subsection on “Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act” — or what will be referred to here as Round 2 of the Paycheck Protection Program (PPP). New stimulus law adds to PPP program. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP). ” Second draw PPP loans have basically the same terms as first draw ones: The SBA backs them, there’s no collateral required, interest is 1%, the. Catch up on the most important developments. A large swath of her neighborhood businesses was still ineligible for PPP, however. With PPP2 loans, there will be expanded coverage for expenditures beyond payroll, utilities, rent, and mortgage interest. However, small banks have said for the last two weeks that they have been swamped with applications — doing an entire year’s worth of loans in a weekend — so it’s likely most of that money is now spoken. Federal Funding Update: PPP Phase 3. Next steps In order to make the most of funding available to local governments, it is critical for your organization to act quickly and submit your application for the third, and potentially final, round of funding. Apply for a (PPP) Payroll Protection Program SBA Loan CALL NOW: 855-214-0537 & & Commercial Real Estate. LUBBOCK – December 28, 2020 – Lubbock National Bank announced it will be ready to offer Paycheck Protection Program (PPP) loans as soon as the Treasury and the SBA release new guidance on the. [UPDATE - MAY 20, 2020] The new $310 billion for PPP loans added on April 24, 2020, however, has been slower to exhaust, and as of May 16, there continues to be PPP funding yet to be awarded. 27, 2020, marks the third round of funding for the Paycheck Protection Program (PPP) which last ran out of funds Aug. They said to reach out to our lender for Round 1, and in the mean time they'd email the SBA but it would take a few weeks to hear back. "While the PPP has been an incredible success, there are still many more. If you’re wondering about the future of the PPP, two senators, Marco Rubio of Florida and Susan Collins of Maine, proposed an additional round of PPP funding. It took 13 days for the $349 billion first round of funding to be claimed, but this second round has played out a bit differently. The following statement from the Small Business Administration offers further detail on the new round of PPP funding: First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The program is in its third round with 4,950,923 approved loans totaling $518,273,807,215 nationally as of July 19, according to the SBA. Paycheck Protection Program — Round 3 On Monday, December 28, President Trump signed a $900 billion COVID-19 relief bill, which includes funding for a third round of Payment Protection Program (PPP) loans. It can be given to those applying for the first time or it can be accessed for the second round of stimulus for businesses who already used money once. To qualify for this latest round of PPP funding, business owners. There weren’t many new homes being started in April and May. To be eligible for a second draw loan (if you received a PPP loan in the previous round) you must have 300 or fewer employees, have seen a 25% drop in revenue in any quarter of 2020 in accordance. Covered uses for PPP funds include the purchase of personal protective equipment (PPE) or installation of dividers and barriers to improve customer Small business takes priority in new round of PPP funding. The window of opportunity is small and the loan structures unconventional, but there’s no question that small businesses are in dire need of support. 7 billion as of Sept. In an interview with MBC radio on Tuesday, Rep. There is talk in Congress of passing a third round of PPP funding as well, he said. The second PPP round, which opened on April 27, made available another $310 billion for struggling businesses. BlueVine is now accepting applications for PPP. The program is in its third round with 4,950,923 approved loans totaling $518,273,807,215 nationally as of July 19, according to the SBA. Although it's unlikely anyone will receive a supplemental $1,400 check as a follow-up to the $600 payments the second stimulus bill provided, a third round of stimulus payments is still on the horizon. PPP loans on a “first-come, first served” basis. The maximum for a first-draw PPP loan is $10 million, the same as in the original PPP. No more than 300 employees. Industry speaks up Hemp advocates contacted lawmakers over the past few weeks to ask them to include hemp farmers and businesses in this second round of federal funding. The third round of applications for the Coronavirus Food Assistance Program (CFAP-3) has not yet been announced, though funding has been allocated. There are calls once again on social media to boycott Secaucus-based Goya Foods following weekend. A third round of stimulus is poised to infuse the American economy with $1. The latest government stimulus package, the Consolidated Appropriations Act, 2021, passed at the end of December, includes a third round of Paycheck Protection Program (PPP) that will be available this week. "Unless the government issues bonds, there is no resource to fund the project,” he said. 133), which, among other things, authorizes a new round of Paycheck Protection Program (PPP) loans called second draw loans. 2 million loans – were made by lenders with $10 billion of assets or less. PRIME NEWS. 2 PPP loans. President Trump reversed course and signed the bill that funds the government and provides a third round of coronavirus relief payments. For the most current funding, there are some eligibility requirements. When a new round of PPP funding opened up a month ago, Reddish applied again. For first-time applicants, most of the original rules apply. 0 funding data for loans approved through Friday, May 1, showing that it has approved 2. Borrowers facing March 31 deadline for PPP loans, only 40% of funding remains area so far in the second round of PPP, totaling $10 million. PPP was originally launched in the Spring of 2020 as part of the federal government’s Coronavirus Aid, Relief and Economic Security Act (CARES Act) to provide economic relief to American small businesses impacted by the global Covid-19 pandemic. There is a massive amount of spending in this bill, but this advisory only addresses the subsection on "Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act" — or what will be All small businesses should be aware that this program is in addition to any PPP funding previously received. January 04, 2021. Last year, many national banks took applications only from borrowers they had worked with before. What is a verb? A word that expresses action or the state of being of a subject. January 25, 2021. 58 billion have been approved in Pennsylvania. The latest government stimulus package, the Consolidated Appropriations Act, 2021, passed at the end of December, includes a third round of Paycheck Protection Program (PPP) that will be available this week. Round 2 for PPP and EIDL Funding April 29, 2020 On Monday, the U. There’s a couple of pieces of good news in the bill for companies that received PPP loans in the first round. With PPP2 loans, there will be expanded coverage for expenditures beyond payroll, utilities, rent, and mortgage interest. On December 27, 2020, Congress passed, and former President Donald Trump signed into law, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. The initial round of PPP funding included in March 2020’s CARES ACT was a blessing for businesses experiencing pandemic-induced revenue setbacks in 2020. There is no one I can talk to. Small Business Administration (SBA) and the nation’s banks reopened the Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs after Congress reallocated additional funds to help small business. 2 PPP loans. Given the current political environment, chances of passing such a bill prior to the elections seem to be dimming. Then next round will be a $15,000 loan for each business. Congress allocated enough money to make sure they could get funding to whoever qualifies. As small businesses continue to weather the pandemic, another relief package containing $285 billion in Small Business Administration (SBA) Paycheck Protection Program (PPP) funds is officially on its way. Apply for Third Round of PPP Loan. ” While there are still eligibility limitations, this opens funding to a significant number of organizations. The PPP borrower application can be found here (www. In the first round of the program, more than 200 publicly traded companies were approved for PPP loans, a CTInsider analysis of Securities & Exchange Commission filings determined. The second round of PPP loan funding has been open for about six weeks, and according to May 30, 2020 data from the. "With fintechs included, any proposed headstarts during a third iteration of PPP under the Biden/Harris administration will prove to be effective, potentially reaching and serving even more small businesses," said Carimeli, adding fintechs are able to process large volumes of applications through their own technology and partnerships. Congress has passed a third COVID-19 pandemic related stimulus bill, providing extended and renewed business funding and tax benefits. Lenders note that although there are some new obstacles with the third round of PPP funding, the SBA is steadily improving its processes. If you'd already submitted an application to PPP, now's the time to check. Read our full breakdown below. We have successfully got over 10 MILLION DOLLARS for our owners and independent contractors approved from the first round of PPP and we're not done, but we have to move fast before the money runs out! I look forward to getting your funds immediately. After $12 billion were approved during the first full week of May, about 40% of the. The balance was $53. There is no one I can talk to. Is it too late to apply? Have you heard if there would be a third round of funding? Answer: As of 05/05/2020, there is still funding available. The PPP loan system has been a much-needed source of financial relief for organizations hit hard by the COVID-19 pandemic. And a third round of PPP funding may be needed to support more small businesses. “We waited a little bit too long, I thought, when the last tranche ran out,” Kudlow said of the small business loan program. PPP Round 3 Mitigates Some Financial Concerns Vaccine Distribution Key to Recovery Overall, small businesses experiencing a negative impact from COVID-19 declined slightly by 2% to 66%, with the percentage of business owners experiencing “significant impact” decreasing 4% to 46%. Here in Part 2, I’ll be going over the finer details, including EIDL advances, expense deductions, the ERTC, and other. We think there’s an eagerness to get money before funds are exhausted,” Shaffer says. Funds are expected to run out quickly again, so apply as soon as you can. Those companies qualify for forgivable funding equal to 10 weeks of payroll, up to $10 million per applicant. Stimulus Checks – Round 3. 11 with $284 billion appropriated through the Economic Aid Act. PPP Experience To Date. With the new bill, the program is essentially getting a fresh start. If there is a second round of loans the word is that PayPal and Kabbage will be authorized SBA lenders. There was still roughly $120 billion of funding unclaimed based on loan approvals as of March 7, U. This new legislation marks the third round of PPP funding, and it includes another $284 billion in loans to business owners to help cover their payroll and other basic operating costs during the pandemic. Marcoulier said the primary focus of this. While this is the third round of PPP funding, this iteration allows for second draw loans, meaning that businesses who previously received funds can apply again. Congress recently approved another round of much-needed PPP funding for small businesses affected by COVID-19. Round two of funding through the Paycheck Protection Program is ongoing. 2 billion so far. The first round of PPP deployed fast and was adjusted on the fly. The PPP loans from the first and second rounds in 2020 have had a significant impact on our financial statements for the year ended December 31, 2020. See full list on doctorofcredit. There is funding for “first draw” PPP loans and you can apply on terms similar to the original CARES Act. If you’re applying for a second round of funding through PPP, it’s best to go back to the lender who did your original loan application. Of significance, every Bank of Southern California customer who qualified and wanted a PPP loan, received one. The legislation, which was modeled after Biden’s proposal, includes provisions to provide a third round of direct stimulus checks of up to $1,400 for individuals, a $400 weekly unemployment insurance boost through Aug. Maybe we will have a better chance of being funded. Provisions include:. There’s a couple of pieces of good news in the bill for companies that received PPP loans in the first round. For all types of PPP loans, no collateral or personal guarantee is required, and any amount not forgiven becomes a loan at 1% for five years. Third Round of COVID-19 Survey Continues to Track Delaware Business Response WILMINGTON, Del. An internal working group made up of Troutman Sanders Strategies, Troutman Sanders, and Pepper Hamilton attorneys have been working closely together on SBA lending matters and will be providing further analysis as guidance and actions continue. "With fintechs included, any proposed headstarts during a third iteration of PPP under the Biden/Harris administration will prove to be effective, potentially reaching and serving even more small businesses," said Carimeli, adding fintechs are able to process large volumes of applications through their own technology and partnerships. PPP borrowers are advised to consult with their accountants to determine their specific tax relief benefits. The initial round of PPP funding included in March 2020’s CARES ACT was a blessing for businesses experiencing pandemic-induced revenue setbacks in 2020. Funding for the second PPP loans will be available to small businesses that have sustained quarterly revenue losses of at least 25% in at least one quarter in 2020. Similarly, the existing PPP loan caps still apply. The third round of applications for the Coronavirus Food Assistance Program (CFAP-3) has not yet been announced, though funding has been allocated. Word from around the industry has suggested that approvals have been slower and that in certain situations, additional documentation is being asked for because of the SBA’s heightened scrutiny. Most of our clients didn't even know they qualified to get the PPP Forgiveness Loan. There continues to be many questions and concerns around the forgiveness of the PPP loans. It phased out a much-maligned system called E-Tran that. Small Business Administration is taking a more deliberate and targeted approach. 5, 2021 /PRNewswire/ -- SBA Funding will facilitate the second round of Paycheck Protection Program ("PPP") loans for small business owners seeking to take advantage of the. The balance was $53. 2 million loans worth $525 billion to American businesses, sole proprietors, nonprofits, and more to help keep them afloat. Due to volume of requests, you may experience a delay when trying to access your account through Cape Cod 5’s Online or Mobile Banking. Answers to PPP Loan FAQs (Now That There's Fresh Funding for the Loans) 1 of 8. So far, the PPP has provided roughly 5. The program rules do allow some additional allowable expenses that can be included in the remaining 40%. There are certain businesses that receive special allocations or increased funding with this round of the PPP. Until the SBA confirms and provides guidelines, lenders must work within the deadline of 3/31/21. “I fully believe there will be a third round,” said Senator Cardin. "There is an inordinate amount of focus on the service sector that got devastated and won't be back until Relevant businesses can use this funding to make payroll, purchase sanitization supplies, or cover fixed costs. The deadline for applications is March 21. That round would target small businesses that experienced large declines in revenue during their first or second quarters of 2020. The second round of nearly $320 billion in additional aid launched on April 20 and there's still money left. She said the SBA had informed banks Sunday night that it would limit the number of But the rush to get funds will likely cause the second round of funding to go fast, experts said. Keep up with the latest data and most popular content. When a new round of PPP funding opened up a month ago, Reddish applied again. A third round of funding via the Paycheck Protection Program (PPP), a $284 billion fund approved by Congress last December, should give startups and SMBs access to working capital going into 2021. Paycheck Protection Program: This is the most substantial small business program, providing However, there are a few disqualifiers. The Top 10 Industries that Used PPP. This new legislation marks the third round of PPP funding, and it includes another $284 billion in loans to business owners to help cover their payroll and other basic operating costs during the pandemic. The next round of funding for the CARES Act is set to pass through Congress this week after Senate approval on Tuesday. Home of the insider insights newsletter and the Canadian Insider Club which offers alerts and premium research. Federal Funding Update: PPP Phase 3. The program is run by the Small Business Administration (SBA) and Treasury Department. Received a PPP loan during the first funding round in 2020 Are able to demonstrate a revenue reduction of 25% or greater in 2020 relative to 2019. Direct payments of $1,400 per person. WA Public Relations Company. Scott also said that if there was the need for a third round of this program, it would have the support of Congress and the president. The new bill allows for “Second draw” PPP loans for harder-hit businesses that received PPP funding in 2020. It is anticipated that this funding round will use the entire allocated amount and there are not likely to be any further opportunities to recoup expenses from the covered periods. Stimulus Checks – Round 3. There was still roughly $120 billion of funding unclaimed based on loan approvals as of March 7, U. The SBA on Monday reopened applications for a third round of funding, the deadline for which is Aug. ² Here's the breakdown by state and loan size: Images via SBA. However, small banks have said for the last two weeks that they have been swamped with applications — doing an entire year’s worth of loans in a weekend — so it’s likely most of that money is now spoken. Covered uses for PPP funds include the purchase of personal protective equipment (PPE) or installation of dividers and barriers to improve customer Small business takes priority in new round of PPP funding. Check this blog for ongoing CARES Act and SBA updates involving SBA PPP Loan Portal Problems: In a letter to the acting heads of the Small Business Administration and Treasury Department, the American Bankers. Will you apply for a first or second round of PPP funding? Disclaimer: Please note the information on this page is subject to change pursuant to guidance from the US Small Business Administration. The same $100,000 maximum gross income level and maximum PPP loan payment that existed in round No. The latest government stimulus package, the Consolidated Appropriations Act, 2021, passed at the end of December, includes a third round of Paycheck Protection Program (PPP) that will be available this week. There are certain businesses that receive special allocations or increased funding with this round of the PPP. Unlike the previous round of the PPP, loan guaranty approval is now contingent on passing SBA fraud checks, Treasury's Do Not Pay database and public records. Meanwhile, local lenders are preparing for the new wave of of applicants when the new round of PPP funding becomes available. 2M loans totaling $175. , tweeted on Tuesday morning. Scott also said that if there was the need for a third round of this program, it would have the support of. Here in Part 2, I’ll be going over the finer details, including EIDL advances, expense deductions, the ERTC, and other. By Taylor Adkins, VP of Product. If so, he says, borrowers who have previously hesitated to take part in the program should jump on the opportunity. Funding Circle: This online marketplace, which connects investors with small businesses seeking loans, is now accepting PPP applications for both first and second draw loans. People might. There is still the question of whether President Donald Trump will sign after the president Released a video on Tuesday night Criticize the COVID-19 bailout bill. Hudson Valley members submitted more than 250 PPP loan applications when the SBA portal opened April 3 in hopes of gaining approval before funding ran out, even though some SBA details weren’t available for another five to seven days. A third round of funding likely promises more headaches. See sample. They said to reach out to our lender for Round 1, and in the mean time they'd email the SBA but it would take a few weeks to hear back. Phantom’s loan funding has already been spent, Weimer said. Of the nearly 5 million PPP loans approved (through June 30), some were for more than $5 million. First Draw Loan. She said the SBA had informed banks Sunday night that it would limit the number of But the rush to get funds will likely cause the second round of funding to go fast, experts said. Small businesses hit particularly hard by government shutdowns or slowed sales could be eligible for another round of funding through the PPP Second Draw Loan Program. 5 billion, of which a segment is reserved for specified categories of borrowers. Marco Rubio, R-Fla. Round 2 loans started being processed Monday. PPP 2021 adds additional eligible expenses for forgiveness. Rieke, while confident about the future, also notes the huge ongoing losses to her business. This time, the U. The federal government may issue a third round of PPP funding that's available to an expanded list of borrowers. "This is not a situation where this boosts the economy, this is a situation where we are keeping businesses, many of them small businesses, afloat while the country tries to final a solution to the coronavirus. Hopefully it will expand to cover more businesses that had been begun in 2020. Through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Paycheck Protection Program and Health Care Enhancement Act (PPPCHE), the federal government has allocated $178 billion in payments to be distributed through the Provider Relief Fund. One significant update is that this round of PPP will allow businesses who have previously received a PPP loan to apply again for a second draw of up to $2 million, as long as they’ve used the entirety of their first loan. So far in this round of funding, 2,910 PPP loans valued at $229,004,064 million have been approved by. The federal government has begun funding the third round of Economic Impact Payments (EIP or “stimulus” payments) via direct deposit as of today, Wednesday, March 17, 2021. 11 and continuing through March 31. 0 funding data for loans approved through Friday, May 1, showing that it has approved 2. Limited Eligibility – Businesses that received an initial PPP loan may be eligible for a second draw. Josh Gottheimer, D-N. Detroit-based bank assists customers and communities with loan modifications, hazard pay for employees, and grants to community food banks TCF Bank is accepting a second round of applications for Paycheck Protection Program (PPP) loans following the initial phase of the program resulting in over 16,000 loans approved by the Small Business Administration, including over 3,000 from new customers. That help would include being more selective in the businesses that need money, rather than allocating funds on a first-come, first-served basis. Third-Round Paycheck Protection. The third round of PPP relief is here just in time for the new year. There are significant operational, system and communication challenges that must be quickly addressed for PPP to succeed as intended. With a third round of the Small Business Administration (SBA) Paycheck Protection Program (PPP) funding officially on its way, many lenders are wondering, “How can we participate and support our business customers?”. Texas has the second-highest total at $41. Residential co-ops had been barred from receiving small-business assistance in past rounds. Maybe we will have a better chance of being funded. “We waited a little bit too long, I thought, when the last tranche ran out,” Kudlow said of the small business loan program. Second round of federal payroll funding gets off to rocky start and wasted valuable time for small businesses that were unable to claim a piece of the pie when the initial rounds of PPP went. Congress has approved a third, $284 billion round of PPP loans. Pandemic Emergency Unemployment Compensation provides 13 additional weeks of benefits after the 20-week period allowed in S. While there were thousands of trucking companies and independent owner-operators who received money in the first PPP round, there were always. Much like the program’s first and second iteration, the third will be in the form of forgivable loans to small firms, but there are likely to be key changes on issues such as eligibility for second-time applicants and other types of forgivable expenses. Both senators agree that the second round of PPP funding may deplete within the next few weeks. As the need for aid continues into 2021, the SBA has a third round of relief for Q1. 6 million PPP loans were originated by nearly 5,000 approved lenders, with an average loan size of $206,000 and the large majority of loans being for $150,000. This round of PPP funding was included in the Economic Aid Act signed on December 27, 2020. Ready Capital Was The Biggest PPP Lender By Volume in Round 1 of PPP Funding April 22, 2020 | By: Sean Murray R eady Capital, a multi-strategy real estate finance company and one of the largest non-bank SBA lenders in the country, was the top PPP lender by loan volume in the country. Your lender should provide you a link to a What small businesses learned the last round of PPP funding was that if you snooze, you lose. The Second Round of Funding: Flattening Demand and Converging Acceptance Rates. The new injection puts the program’s total funding at $806 billion. 6B in the second round of funding remained. by WA Public Relations Company. Paycheck Protection Program (PPP) The last day to apply for PPP funding is March 31, 2021. The average PPP loan for a microbusiness with less than 10 employees so far this year is around $28,000, versus $81,000 for all. This round of PPP funding was included in the Economic Aid Act signed on December 27, 2020. Given the current political environment, chances of passing such a bill prior to the elections seem to be dimming. additional funding for new PPP loans. Marco Rubio, R-Fla. As we enter 2021 and the COVID-19 storm continues to batter the economic state of our country, small businesses across the nation can now grab hold of the latest lifeline extended by Congress in the form of the Paycheck Protection Program (PPP) expansion. Direct payments of $1,400 per person. Also new to round three of the PPP: High-end co-ops and Hollywood agents. Latest round of PPP funding targets mom-and-pop businesses and experts say there are more to come. 2 million small businesses. “I know it’s being discussed in Washington,” he said, “[but] we … need it to happen. An expansion of additional eligible expenses to be included for PPP loan forgiveness. By matching PPP loans to census tracts, we found. For 2019, your AGI is reported on 1040 line 8B, and for 2020, line 11. 5 times their average monthly payroll costs on second-draw loans. When the third round of PPP funding rolled out last month, the program included new safeguards to ensure the funds were used appropriately. Hopefully it will expand to cover more businesses that had been begun in 2020. There have been several updates to the original PPP terms over the past months, and the latest round of PPP funding adds more eligible forgivable expenses, so more small businesses may take advantage of this relief package. So far in this round of funding, 5,349 PPP loans valued at $447,450,478 have been approved by the SBA in North Carolina. The third stimulus bill, formally known as the American Rescue Plan, extends the credit through the end of 2021. The SBA recently released data on the second round of PPP funding, which includes approvals from April 27 - May 1. Marco Rubio, R-Fla. December 22, 2020. “A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continuing weathering. It remains to be seen if there will be a third round of PPP funding. The new bill allows for “Second draw” PPP loans for harder-hit businesses that received PPP funding in 2020. 0 funding data for loans approved through Friday, May 1, showing that it has approved 2. Through the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Paycheck Protection Program and Health Care Enhancement Act (PPPCHE), the federal government has allocated $178 billion in payments to be distributed through the Provider Relief Fund. An hour later they contacted me stating that our Round 1 PPP was submitted under a different SSN or EIN, and they could not submit until Round 1 was corrected. Justin Ho Feb 2, 2021. PPP borrowers with NAICS codes starting with 72 (such as hotels and restaurants) can receive up to 3. There is a sense of optimism that these changes will not only direct more funds toward. The bill set aside $60 billion of the PPP funding for small and medium-sized community banks with the intent to aid small businesses that don't have relationships with larger banks. Small Business Administration; Second PPP loan available for the “hardest-hit” small. The Small Business Association, Morris said, will not issue aid for a second round of PPP funding to an applicant until it receives money it applied for last spring. The new restrictions aim at funding even smaller businesses and a commitment to prioritize underserved and minority-owned businesses. It phased out a much-maligned system called E-Tran that. , that the next round of relief funding will include enough for PPP loans, Pemberton said he's not sure how much it's needed in. The proposal would provide about $280 billion for another round of PPP, some $160 billion for struggling state and local governments, and fund federal unemployment benefits at $300 per week to. Ongoing debates in Congress regarding a third stimulus bill float the possibility of a third round of PPP funding. More than $280 billion has been set aside in the third round of the Payroll Protection Program. This time, the U. 2 billion through June 30, according to the SBA and United States Department of the Treasury. Congress allocated enough money to make sure they could get funding to whoever qualifies. Deckard says he’s heard rumors that a third round of PPP funding of up to $1 trillion could be approved in the next few months. PPP was originally launched in the Spring of 2020 as part of the federal government’s Coronavirus Aid, Relief and Economic Security Act (CARES Act) to provide economic relief to American small businesses impacted by the global Covid-19 pandemic. While it may not be possible to find a complete solution, any action should probably involve. Will There Be a Third Round of PPP Funding? While it is certainly possible that the Paycheck Protection Program (PPP) could get a third round of funding, it is certainly not guaranteed. The first round of loans actually encompassed two funding cycles: one in the first two weeks of the pandemic, and an additional input in April after the first was depleted almost immediately. ASIPP Announces COVID-19 Relief Process ASIPP announces process to claim third-round stimulus checks and extends support for COVID-19 Relief Legislation, advancing essential policies supporting patients and physicians We want to bring you with the latest news. " He said Treasury Secretary Steven Mnuchin told him the second round of PPP funding will provide "much more loans at much smaller amounts" to ensure that more. January 10, 2021 A third round of the Paycheck Protection Program will prioritize minority-owned businesses and the community lenders that serve them. The program is in its third round with 4,950,923 approved loans totaling $518,273,807,215 nationally as of July 19, according to the SBA. With PPP2 loans, there will be expanded coverage for expenditures beyond payroll, utilities, rent, and mortgage interest. The program is run by the Small Business Administration (SBA) and Treasury Department. Small businesses hit particularly hard by government shutdowns or slowed sales could be eligible for another round of funding through the PPP Second Draw Loan Program. The federal government may issue a third round of PPP funding that's available to an expanded list of borrowers. Details for the new round No. This may not be the last round of funding so be ready to apply again. We are pleased to share that WSFS Bank has partnered with ACAP and The Loan Source to accept, process, and service the new round of Paycheck Protection Program (PPP) loans, commonly called PPP 2. Any funds going toward non-covered expenses will not be forgiven. Under PPP, small businesses can apply for loans to help them keep their employees working despite the pressures of COVID-19. This round of PPP funding was included in the Economic Aid Act signed on December 27, 2020. Read more. The third stimulus bill, formally known as the American Rescue Plan, extends the credit through the end of 2021. Will we see additional funding for the PPP loan program? It’s likely we’ll see a second round of funding by the end of the month. , tweeted on Tuesday morning. Businesses can apply for another PPP loan, including those who have already received a PPP loan. There are now more than 3. The maximum amount of a second PPP loan is $2 million. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP). Eligible businesses need to have fewer than 300 employees, compared with 500 in the first round. Third round of PPP lending tops $35 billion as SBA. To be sure, the PPP places banks in a unique position to support small businesses and rebuild their communities. 116-260; Division N, Title III); portion of new funding for agriculture is TBD—there was no specific carve-out for agriculture. During the second round of PPP funding that began in late April, the coalition gave technical guidance to 900 business proprietors; some 400 received loans totaling about $5 million. “I’ve received numerous emails and a couple of conversations with individuals who are saying that the second round of funding has helped keep their business afloat. 3 trillion Coronavirus Response and Relief Supplemental Appropriations Act of 2021 signed into law late last year was $284 billion in funding for a second round of the Paycheck Protection Program (PPP)—administered by the Small Business Administration (SBA). However, it appears as though a further PPP funding will be tied to passage of another stimulus package. Arvest Now Accepting Round 2 Paycheck Protection Program Applications. This new Senate HEALS bill would provide an additional $190 billion for PPP loans and second-draw PPP. Home of the insider insights newsletter and the Canadian Insider Club which offers alerts and premium research. In terms of the current status of the Program, more than $130B remain from the second round of PPP funding. In an interview with MBC radio on Tuesday, Rep. There is no one I can talk to. For all types of PPP loans, no collateral or personal guarantee is required, and any amount not forgiven becomes a loan at 1% for five years. The program’s chaotic execution has “chilled the willingness of many small businesses to even apply for loans during the second round of P. This round of PPP funding was included in the Economic Aid Act signed on December 27, 2020. We should expect new clarifications to the PPP programfrom the SBA. If our loan is not approved in this round even if submitted to the SBA — will we need to re-apply if there is a third round of funding? Yes, we believe so, unless you get an approval number. For the most current funding, there are some eligibility requirements. For first-time applicants, most of the original rules apply. Borrowers facing March 31 deadline for PPP loans, only 40% of funding remains area so far in the second round of PPP, totaling $10 million. SBA has released PPP 2. Second-round funding will run out even faster, he said, because lenders have an application backlog. This includes both new (first-draw) and second-draw loan. During the second round of PPP funding that began in late April, the coalition gave technical guidance to 900 business proprietors; some 400 received loans totaling about $5 million. There are different ways to become a member of the RCS, depending on your career stage. The second round was. HARLINGEN, Texas (KVEO) — The third round of the Small Business Administration’s Paycheck Protection Program (PPP) has reopened this week with a few updates. As with the first round last spring and summer, borrowers working through a lender can again use PPP funding from the U. No comments yet. The maximum amount of a second PPP loan is $2 million. Hunt last week said he expected the second round of funds to last 48 to 72 hours. Small business owners of color are hopeful that more funds will reach them this time. PPP 2021 adds additional eligible expenses for forgiveness. The Moon administration has proposed 21. Congress has passed an extension to the PPP program. there have been some initial conversations about a third round of funding, though. Stay tuned for when the application period opens. For first-time applicants, most of the original rules apply. The second round, begun this week, less so. First round PPP loan - In order to be eligible for a new PPP loan through HSBC you must meet the government There are 4 important components of the Economic Aid Act: 1. On December 27, 2020, Congress passed, and former President Donald Trump signed into law, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act), which authorized an additional $284 billion for PPP. The SBA must approve all PPP loans and there can be a lengthy turnaround time for that process to be completed as well. Young voter to Biden: “Besides, ‘you ain’t Black,’ what do you have to say to young Black voters?”. 2 billion in funding through the first round of funding last year. The act includes modifications to the current PPP loan provisions contained in the CARES Act and adds another round of PPP funding. The third round of loans from the Paycheck Protection Program (PPP) is underway and applications may be accepted until March 31, 2021. Similarly, the existing PPP loan caps still apply. Justin Ho Jan 25, 2021. 2 million loans made to small businesses in Round 2 has surpassed the 1. small businesses more than doubled in the third week of the latest round of pandemic relief aid, as Bank of America Corp. While a third round of funding may or may not become available, there are additional programs and tax provisions that companies should be aware of to use instead of or in conjunction with PPP loans. While there were thousands of trucking companies and independent owner-operators who received money in the first PPP round, there were always. No more than 300 employees. Armed with $284 billion in new funding, the Payment Protection Program (PPP) resumed this week to give small businesses fresh arsenal to help battle the lingering COVID-19 pandemic. Need help figuring out the best way to manage your business finances through the coronavirus pandemic?. Funds are expected to run out quickly again, so apply as soon as you can. HARLINGEN, Texas (KVEO) — The third round of the Small Business Administration’s Paycheck Protection Program (PPP) has reopened this week with a few updates. There are a few scenarios where it makes sense to file 2020 taxes as soon as possible. [1] They are not. The following statement from the Small Business Administration offers further detail on the new round of PPP funding: First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. If you wanted to get an application in for either but missed the first round of funding, now would be a good time to submit your application. Also new to round three of the PPP: High-end co-ops and Hollywood agents. A third round of funding via the Paycheck Protection Program (PPP), a $284 billion fund approved by Congress last December, should give startups and SMBs access to working capital going into 2021. Hopefully it will expand to cover more businesses that had been begun in 2020. Further, $284 billion in additional funding was allocated to PPP, and some are referring to this as Round 2 PPP funding. For us, it’s a family,” Mondkar said. With a third round of the Small Business Administration (SBA) Paycheck Protection Program (PPP) funding officially on its way, many lenders are wondering, “How can we participate and support our business customers?”. By Neil Hare. The federal government has begun funding the third round of Economic Impact Payments (EIP or “stimulus” payments) via direct deposit as of today, Wednesday, March 17, 2021. Here, attorney Paul Petruska of Greensfelder, Hemker & Gale, P. The one known change to the second round of funding is an earmarked $60 billion in PPP loans reserved specifically for community financial institutions. Small Business Administration launched the third round of PPP funding last month, starting with an outreach to banks and lenders that provide funding for businesses in. I’m pretty sure funds will remain for awhile even if the deadline is moved to May 31. Get stock quotes, news, fundamentals and easy to read SEC and SEDI insider filings. Hudson Valley members submitted more than 250 PPP loan applications when the SBA portal opened April 3 in hopes of gaining approval before funding ran out, even though some SBA details weren’t available for another five to seven days. While PPP funding has provided needed support for many business owners, the program has. LUBBOCK – December 28, 2020 – Lubbock National Bank announced it will be ready to offer Paycheck Protection Program (PPP) loans as soon as the Treasury and the SBA release new guidance on the. PPP coverage was broad, reaching every pocket of the American small-business community. $284 Billion in Additional PPP Funding. In the meantime, a debtor’s need for liquidity during these trying times and the prospect of “free money” provides a powerful incentive to fight for inclusion in the PPP. Some business owners decided the PPP wasn't for them. On Sunday, May 3, National Economic Council Director Larry Kudlow said the White House has made no decision on providing further funding for the emergency loan program for small businesses impacted by the coronavirus pandemic, but said a third round might be necessary. It is unclear if a third round of funding will occur. “I’m not at all sure we won’t need a third round of funding,” Hurst said, adding the need would depend “on when restrictions are lifted and there’s messaging to consumers that it’s. There have been indications that there will not be a round 3 of PPP funding. More than $280 billion has been set aside in the third round of the Payroll Protection Program. The latest round of funding from the Paycheck Protection Program opened up on Monday morning at 10:30 a. And yet, there’s a sizable group of people that we have not yet addressed. For small businesses that already received one of the forgivable PPP loans, there is some good news about a possible PPP relaunch: They may be able to get a second loan, something not permitted in. Josh Gottheimer, D-N. Congress reaches deal on next round of stimulus funding Program and Health Care Enhancement Act with additional funding for PPP, Hospitals, and Testing. If we look back at its history, we will see that there were several foreign communities living in Moscow on a permanent basis. January 25, 2021 The Small Business Administration’s third round of Paycheck Protection Program coronavirus relief lending has steadily grown to top 400,000 loans worth about $35 billion in its. 0 funding data for loans approved through Friday, May 1, showing that it has approved 2. There’s also a few clients who didn’t feel they needed a first-round PPP loan, and are taking this opportunity to take out a loan. PPP round 3 aims to put small lenders first — After a renewal of federal funding, a third round of the Paycheck Protection. Businesses interested in securing PPP funding should start preparing now to apply when the time comes. Over 850,000 loans – about one third of the 2. New questions for this round of the survey included those regarding the status of Small Business Administration (SBA) loans and the Paycheck Protection Program. After the PPP was refunded at the end of April the funds didn’t quickly dry up. PPP Round Three It’s no secret that round one of PPP rollout in Illinois was problematic to say the least. Disqualifications occur at the following levels: $80,000 for single earners; $120,000 head of household earners. “I know it’s being discussed in Washington,” he said, “[but] we … need it to happen. Hopefully, a third round will be based on the original program deadline of June 3oth only and not a hard dollar cap. For one thing, the Small Business Administration's system for processing loan applications reportedly. The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, 2021, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted. Scott also said that if there was the need for a third round of this program, it would have the support of Congress and the president. Asked whether a third round of funding is needed, Kudlow said "it may be" but did not commit to more assistance for PPP or funding for state and local governments. If you’re wondering about the future of the PPP, two senators, Marco Rubio of Florida and Susan Collins of Maine, proposed an additional round of PPP funding. Congress approved another round of coronavirus relief, meaning additional Paycheck Protection Program funding and updates regarding covered uses of PPP funds. FINBOA, a leading innovator in digital automation and regulatory compliance for financial institutions, announced today that it is offering an SBA Paycheck Protection Program (PPP) Loan Application. The deadline for applications is March 21. They are willing and familiar with working with micro-businesses. There have been indications that there will not be a round 3 of PPP funding. “I fully believe there will be a third round,” said Senator Cardin. The biggest business benefit is likely the extension of the popular Employee Retention Tax Credit. As part of the new $2 trillion coronavirus stimulus bill, the Economic Aid to Hard-Hit Small Businesses, Non-Profits and Venues Act (Economic Aid Act), Congress authorized another round of PPP funding. The Round 3 application window was from 10 am on Thursday, July 16, 2020 until approximately 3 pm on Friday, July 17, 2020. Senate passes third coronavirus relief package, including PPP expansion. A hospital that is otherwise eligible to receive a PPP loan as a business concern or 501(c)(3) will still be eligible, regardless of ownership by state or local government, if the hospital receives less than 50% of its funding from state or local government sources, not including Medicaid. The new round will go even quicker, so those who missed out must choose the right bank and move immediately. There is talk about a third round of PPP funding that may be coming in 2021. That's why members of Congress are discussing a third round of funding, Scott said. 0 funding data for loans approved through Friday, May 1, showing that it has approved 2. In a public address and subsequent White House written release, Biden laid out some “reforms” to the PPP, the SBA’s loan to grant program now in its third round of funding. Second Round of PPP. The federal government may issue a third round of PPP funding that's available to an expanded list of borrowers. The new round of PPP loans will be available to three categories of businesses: Qualified small businesses that did not receive a PPP loan during the first round of funding. Income is based on Adjusted Gross Income (AGI). This includes both new (first-draw) and second-draw loan. Direct payments of $1,400 per person. Third round of PPP funding is available for small businesses There is no doubt that the COVID-19 global pandemic has challenged communities across the country and has created a significant economic downturn, which has hit small businesses especially hard. “January, we saw a $15,000 loss, and depending, we could lose $10,000–$15,000 in February, March, and April. The Second Round of Funding: Flattening Demand and Converging Acceptance Rates. Residential co-ops had been barred from receiving small-business assistance in past rounds. as a whole, more than 400,000 loans valued at over $35 billion have been approved in the third round of PPP. For the next major coronavirus relief bill (“phase four” or “CARES 2”), congressional Democrats are examining more aid for state and local governments (which have suffered income and sales tax revenue declines), expansion of food nutrition assistance, funding for mail-in voting, a third round of stimulus checks directly to individuals, boosting. Then next round will be a $15,000 loan for each business. It phased out a much-maligned system called E-Tran that. The new PPP features “first draw” loans of up to $10 million to businesses with 500 or fewer employees who didn’t get a loan during the first go-round.