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SBA Paycheck Protection Program – April 2021 UPDATE
We know local businesses are the pillars of economic growth and vitality here in the Hudson Valley. Through our support of those businesses, we can help make the entire area a better place to work and live. With the SBA's new Paycheck Protection Program (PPP), Rhinebeck Bank can again serve as a lending resource to the many small businesses negatively affected by the COVID-19 (Coronavirus) pandemic.
Paycheck Protection Program (PPP) - FAQs (current as of 4/6/21)
PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns
Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act
Interim Final Rule on Second Draw PPP Loans
Here are some highlights of the Paycheck Protection Program:
Who is Eligible for First and Second Draw PPP Loans?
First Draw Loans:
Small businesses that did not receive a PPP loan prior to August 8, 2020 will have the ability to apply for a PPP First Draw Loan on or before March 21, 2021. Businesses will need to prove they were in operation on February 15, 2020, are not permanently closed, and are not excluded based on other eligibility criteria.
Small businesses with 500 or fewer employees—including an expanded list of nonprofits, veterans organizations, self-employed individuals, sole proprietorships, and independent contractors—are eligible for First Draw PPP Loans. Businesses with more than 500 employees are eligible in certain industries.
Please click here for the latest SBA guidance regarding how to calculate your maximum loan amount for a First Draw PPP Loan.
Second Draw Loans:
A borrower is eligible for a Second Draw PPP Loan only if the borrower satisfies all of the following:
Please click here for the latest SBA guidance regarding how to calculate your maximum loan amount for a Second Draw PPP Loan.
Maximum Loan Amounts
First Draw Loans
Unlike PPP Loans made prior to August 8, 2020, new first-time applicants will have the ability to use either 2019 or 2020 when calculating their maximum loan amount. The maximum loan amount remains the lesser of 2.5 times the applicant's average monthly payroll or $10 million. Please click here for the latest SBA guidance regarding how to calculate your maximum loan amount for a First Draw PPP Loan.
Second Draw Loans
Generally, the maximum amount of a Second Draw PPP Loan is the lesser of 2.5 months of the borrower's average monthly payroll cost or $2 million. As part of the loan process, the borrower must certify that they have provided documentation verifying the number of full-time equivalent employees on payroll at the time of application. Please click here for the latest SBA guidance regarding how to calculate your maximum loan amount for a Second Draw PPP Loan.
What documentation is required?
First Draw Loans: Please click here to review the latest SBA guidelines regarding First Draw PPP Loan documentation requirements.
Second Draw Loans: Please click here to review the latest SBA guidelines regarding Second Draw PPP Loan documentation requirements. (IMPORTANT NOTE: If the Borrower applies for a Second Draw PPP Loan using 2019 for the base year for payroll cost calculation AND received the First Draw PPP Loan using 2019 as the base year for payroll costs AND received their First Draw PPP Loan from Rhinebeck Bank, then the Borrower will only be required to submit the proof of reduction in gross receipts outlined above. No additional supporting documentation will be required.)
When to Apply
Rhinebeck Bank and banks of similar sizes are eligible to submit First or Second Draw loans on Tuesday, January 19, 2021.
How to Apply
Please contact us at (845) 454-8555, Option #3 for information regarding PPP application details.
Additional PPP Loan Information
For full details about PPP Loans, please review the Interim Final Rule links referenced above or click here to visit the SBA website.
EIDL Program Update - January 2021
In addition to the Paycheck Protection Program, the SBA has also re-launched the Economic Injury Disaster Loan (EIDL) program, which provides working capital loans for small businesses, small agricultural cooperatives, small aquaculture businesses and most private non-profit organizations. Borrowers must apply directly with the SBA as part of the EIDL program. For more information and the latest EIDL program updates, please click here.
SBA Economic Stimulus Programs - Advisory Message re: Scams & Fraud Schemes
Start Planning to Have Your Loan Forgiven
If your small business has received a Paycheck Protection Program (PPP) loan, there are specific requirements you’ll need to meet in order to have your loan forgiven. We will be continuously updating this page with the information from the SBA and provide helpful resources for beginning your loan forgiveness process. Please check back frequently to stay informed.
How Do I Have My PPP Loan Forgiven?
PPP Loan Forgiveness FAQ - effective 10/13/2020
PPP Loan Forgiveness - Interim Final Rule - effective 1/19/2021
PPP Loan Forgiveness Fact Sheet - effective 10/30/2020
Are You Prepared?
If you are one of the many small businesses who accepted an SBA Paycheck Protection Program loan, and are considering loan forgiveness, the next step is preparation. Loan forgiveness is not automatic. You’ll need to apply and adhere to many requirements.
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