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Washington Watch - January 25, 2021

In this issue of Washington Watch, read about information and resources for the Paycheck Protection Program, including, guidance for first and second draws and how to apply for PPP Forgiveness.

Paycheck Protection Program Forms, Guidance, and Application for First and Second PPP Draw and PP Forgiveness

Paycheck Protection Program Forms, Guidance, and Application for First and Second PPP Draw and PP Forgiveness.

Below you will find information and resources for the Paycheck Protection Program, including, guidance for first and second draws and how to apply for PPP Forgiveness.

We have included the forms below, but as always, please make sure to visit our NASE’s Covid-19 resource page for the most up to date information.

Updated First Draw Forms
Form 2483– First Draw Borrower Application(Updated 1/8/21)
Form 2484– First Draw Lender Guaranty Application(Updated 1/8/21)

Second Draw Forms
Form 2483-SD– Second Draw Borrower Application(Released 1/8/21)
Form 2484-SD– Second Draw Lender Guaranty Application(Released 1/8/21)

PP Forgiveness
PPP LOAN FORGIVENESS APPLICATION FORM 3508 (REVISED 1/19/21)
PPP LOAN FORGIVENESS APPLICATION FORM 3508EZ (REVISED 1/19/21)
PPP LOAN FORGIVENESS APPLICATION FORM 3508S (REVISED 1/19/21)
BORROWER’S DISCLOSURE OF CERTAIN CONTROLLING INTERESTS FORM 3508D (RELEASED 1/19/2021).THE 3508-D ONLY NEEDS TO BE COMPLETED BY BORROWERS THAT RECEIVED A PPP LOAN BEFORE 12/27/20

Guidance & Resources
Accessing Capital for Minority Underserved, Veteran and Women-Owned Business Concerns Guidance(Released 1/6/21)
Top-Line Overview of First Draw PPP Loans(Released 1/8/21)
Top-Line Overview of Second Draw PPP Loans(Released 1/8/21)
Interim Final Rule #1 –PPP as Amended by Economic Aid Act(Released 1/6/21)
Interim Final Rule #2 –PPP Second Draw Loans(Released 1/6/21)
Procedural Notice –Modifications to SBA Forms 3506, 3507 and 750 CA (PPP only)(Released 1/8/21)
Procedural Notice -SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement(Released 1/8/21)
Second Draw Paycheck Protection Program (PPP) Loans:  How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (Released 1/19/2021) provides detailed information regarding calculating and documenting the mandatory 25% reduction in revenues and maximum loan amount.
PPP: How to Calculate Maximum Loan Amounts for First Draw Loans  and What Documents to Provide (sba.gov) (released 1/17/2021) provides updated guidance, by business type, regarding calculating  and documenting payroll costs in order to determine the maximum amount of a First Draw loan.
Interim Final Rule: Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (01-19-21)

For more information and updates, visit SBA.gov/PPP or Treasury.gov/CARES


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Courtesy of NASE.org
https://www.nase.org/about-us/nase-publications/washington-watch/January-25-2021