The SBA issued new guidance on January 6, 2021 around the additional funds for the Paycheck Protection Program (PPP) that are included in the Economic Aid Act, signed into law on December 27, 2020. Here’s how it works:

• The Paycheck Protection Program will re-open on January 11, 2021. 
• Community financial institutions can make loans to new borrowers beginning January 11, and to those who have already received a PPP loan beginning January 13. Shortly after that, the program will reopen to all participating lenders. 
• If you did not receive a PPP loan from the CARES Act (passed in March 2020), you can apply for one now. 
• If you received a PPP loan from the CARES Act, and you experienced a 25% reduction in revenue in at least one quarter of 2020 compared with the same quarter in 2019, you can apply for another loan. 
• If you already applied in round one and are applying for a second loan of $150,000 or less (based on 2.5 times 2019 payroll), you do not have to submit new documentation if you’re going through the same lender. Your lender can ask for additional documentation, however, and you will have to document your decreased revenue when you apply for forgiveness. 
• Some loan criteria have been relaxed. Some operations expenses, supplier costs, and other expenses are covered, and some non-profits and other types of organizations are now eligible. 
• Round two loans are available for a maximum of $2 million.

 For more information, visit the SBA website and join us on Tuesday at 9am to learn more and ask Shaun your questions.

MVNC is fortunate to have financial whiz and well known Island accountant Shaun Smith providing essential information and much needed support for our nonprofit community. Shaun will leave time for questions so come prepared to ask or send to Jackie in advance of this session - Jackie@MVNonprofits.org.

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