Paycheck Protection Program (2021)
Paycheck Protection Program (PPP) Forms and Guidance from Small Business Administration (SBA) and Treasury
The Small Business Administration (SBA) released the new application forms for organizations seeking PPP loans – both First Draw (Form 2483) and Second Draw (Form 2483 SD) loans. Second Draw loan processing started on January 11, 2021, for some lenders. The SBA also released “top-line overviews” of the First Draw and the Second Draw programs.
The release also includes what the SBA calls Procedural Notice – SBA Procedural Notice on Repeal of EIDL Advance Deduction Requirement. It explains that the SBA will no longer deduct the value of EIDL advances from PPP loan forgiveness. It also states that for PPP loans that have already been forgiven minus the value of EIDL advances, the SBA will cover the amount of the advances and the borrower’s debt will be erased. All of this is required by the COVID Relief law that the SBA is calling the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act).
PLEASE NOTE: The Paycheck Protection Program reopened on January 11, 2021, and closes on March 31, 2021.
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)
Applying for loans under the new Paycheck Protection Program (PPP) can be confusing and time-consuming. In partnership with Insights 3, Co.act Detroit, Opportunity Resource Fund, Apparatus Solutions, and Community Reinvestment Fund (Detroit), we are excited to offer two pathways of support to simplify your submission process.
Weekly Paycheck Protection Program (PPP) Updates
Presented in partnership by:
*Note: These updates are intended to provide legal or tax advice. Please contact your legal or tax advisor regarding how the Consolidated Appropriations Act of 2021 impacts your organization.
Guidance & Resources
Paycheck Protection Program & Employee Retention Credit Highlights
The Consolidated Appropriations Act, 2021 (CAA), signed into law earlier this year, is a $2.3 trillion spending bill that combines a nearly $900 billion coronavirus aid package with a $1.4 trillion spending bill to fund the federal government in 2021. Our partners at Maner Costerisan created a resource that highlights the Paycheck Protection Program & Employee Retention Credit.
National Council of Nonprofits Webinar on New COVID Relief Law for Nonprofits
In case you missed the opportunity to join the webinar hosted by our partners at the National Council of Nonprofits on January 13, 2021, find a recording of this presentation, slides, and additional resources here.
FMA Paycheck Protection Toolkit
This PPP Toolbox is designed to support nonprofit organizations as they navigate the Paycheck Protection Program. View here.
- 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)