Moore Financial Tips for Trying Times

Small Business can get a second PPP but not EIDL loan  From: CNBC  by Greg Iacurci 01/15/21 KEY POINTs Small businesses that took a hit from the  coronavirus pandemic  will be able to draw a  second Paycheck Protection Program loan . But the same isn’t true for another popular Covid-era funding source for entrepreneurs. The Economic Injury Disaster Loan program offers 30-year fixed-rate loans that provide six months of capital to small businesses during the pandemic, to cover things like rent, utilities, debt payments or a continuation of health-care benefits. More from Personal Finance: Extra unemployment benefits won’t be available to some for weeks The Social Security retirement age could change Biden’s $400 unemployment boost would replace 86% of lost wages The Small Business Administration, which oversees the program, has issued more than 3.6 million disaster loans during the pandemic worth a total of $194 billion, according to federal data through November...

2nd round PPP lenders   Click on the above link to see lenders for the 2nd round of PPP.

From INC>COM JAN 14, 2021  NEWSLETTERS SUBSCRIBE CASH FLOW EVERYTHING YOU NEED TO APPLY FOR A SECOND-DRAW PPP LOAN By: Brit Morse   After relaunching the   Paycheck Protection Program   to select lenders on January 11, today is the first day that second-draw PPP borrowers--that is, those who've already exhausted a first PPP loan--will get another shot at the refundable loan program aimed at struggling small businesses.  While businesses will have access to about $284 billion in program funds this time around, the money could go quickly. The first $349 billion loan program provided under the Cares Act  ran out in a mere two weeks  after it opened in April 2020. While there were many reasons why a business might have been shut out of round one, one mistake some companies made was heading to their lender unprepared.  Besides filling out the  second-draw PPP borrower application form , here are a few things t...

SBA to Reopen PPP    "THE HILL"  BY  SYLVAN LANE  -  01/13/21 The Small Business Administration (SBA) on Friday will begin accepting applications for the second round of Paycheck Protection Program (PPP) loans, the agency announced Wednesday. PPP-eligible lenders with less than $1 billion in assets can begin sending loans to the SBA for approval Friday, and the program will reopen to lenders of all sizes Tuesday, the agency said. The head start for smaller lenders  is intended  to ensure that smaller businesses can obtain PPP loans after many were unable to do so during the first round of disbursement in 2020. President Trump  in December signed a bipartisan coronavirus relief bill allocating another $284 billion for the PPP, which offers loans to small businesses that can be entirely forgiven if used to retain workers and cover basic operating expenses. The SBA has issued 4.9 million PPP loans since the program opened in April and has...

 From "Journal of Accountancy":  https://www.journalofaccountancy.com/news/2021/jan/sba-treasury-issue-ppp2-guidance.html NEWS MANAGEMENT ACCOUNTING New PPP guidance issued by SBA, Treasury By Jeff Drew January 7, 2021 Updated:  January 8, 2021 RELATED January 9, 2021 PPP application forms released January 8, 2021 Date set for limited PPP reopening December 27, 2020 COVID-19 relief bill addresses key PPP issues TOPICS COVID-19 Paycheck Protection Program Management Accounting The U.S. Small Business Administration (SBA) and Treasury issued guidance Wednesday night for the reconstituted Paycheck Protection Program (PPP). The guidance included two interim final rules (IFRs). The  82-page IFR  “Business Loan Program Temporary Changes; Paycheck Protection Program as Amended” consolidates the rules for PPP forgivable loans for first-time borrowers and outlines changes made by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, P.L. 116-260. The...