Friday afternoon the SBA released guidance to the Economic Aid to Hard Hit Small Businesses, Non-Profits, and Venues Act. The Economic Aid Act was signed on December 27, 2020 to assist small businesses by providing additional PPP funds. There are two interim rules at this time; one covers amendments to the first round of PPP loans, and the other addresses a second draw of PPP loans.
To help you navigate through the complexities of the Act and subsequent rules, we have compiled a short form addressing the primary points of the Act as it pertains to second draws, increases to first round draws, EIDL forgiveness, and additional first time draws. Find more information, along with applications below. Second round applicants will need to demonstrate a 25% or greater loss of revenue for one quarter of 2020 as compared to the same quarter of 2019. You may do this by providing us with bank statements, revenue receipts, or any applicable tax forms. We expect the SBA to begin accepting PPP applications on January 11, however the first two days are reserved for minority and women owned businesses.
Astera’s staff is once again ready to help our community as our local businesses are forced to cope on a daily basis with the financial crisis caused by the pandemic. We look forward to taking your applications and taking care of your loan needs!
“There is immense power when a group of people with similar interests gets together to work toward the same goals.” – Idowu Koyenikan
For more information on how Astera can help you with the PPP application, contact us via email at firstname.lastname@example.org or you may call 800.323.0048.