Paycheck Protection Program (2021)

  • Government Programs

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
Second Draw Forms

Technical Assistance

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.

Visit here for more details on technical assistance.

Weekly Paycheck Protection Program (PPP) Updates

February 15, 2021

February 8, 2021

February 2, 2021

January 24, 2021

January 17, 2021

January 10, 2021

 

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.

View here.

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.

Helpful Links

For more information and updates, visit the SBA site here or visit the Treasury site here.

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