Navigating the Next Round of PPP

President Trump has signed a $900 billion of relief in an emergency measure for businesses and households impacted by the pandemic. The package supplies $325 billion in relief for small businesses, including a second round of the Paycheck Protection Program. It also provides $82 billion for K-12 schools and colleges, $15 billion for independent movie theaters, live entertainment venues and cultural institutions, and $55 billion into distributing coronavirus vaccines, testing and tracing. Click here to view the final bill.

The SBA and the U.S. Department of the Treasury released updated guidance to assist businesses in calculating their payroll costs (and the relevant documentation that is required to support each set of calculations) for purposes of determining the maximum amount of a First Draw Paycheck Protection Program (PPP) loan for each type of business. Click here to view the updated guidance. Also, in case you missed the Cobb Chamber's business recovery webinar featuring a panel of experts diving into the $325 billion in relief for small businesses including the next round of the Payroll Protection Program (PPP), view our webinar recording.

The University of Georgia SBDC has created an overview of the various components of the most recently passed COVID Relief Act. View the Economic Aid Overview here. A specific website for COVID Relief Resources has also been created, which will be updated with any new resources.

The U.S. Chamber of Commerce's executive vice president and chief policy officer Neil Bradley discusses the new package, here. The U.S. Chamber also has a Guide to Small Business COVID-19 Emergency Loans to answer many questions.

Click here to view a list of Cobb Chamber member banks participating in PPP.

PPP Procedures for Addressing Unresolved Issues on First Draw Loans
The Small Business Association (SBA) has outlined procedures to address loan processing for Second Draw PPP Loan guarantee applications where there is an unresolved issue on the borrower's First Draw PPP Loan.

The SBA has issued this notice and a procedures webinar slide deck

SBA Prioritizes Smallest of Small Businesses

The Biden-Harris Administration and the U.S. Small Business Administration are taking steps with the Paycheck Protection Program to further promote equitable relief for America's mom-and-pop businesses.

These enhancements to the program demonstrate the commitment to racial and gender equity, reaching low and moderate-income, rural, urban, and other underserved areas. The SBA will:

  • Establish a 14-day, exclusive PPP loan application period for businesses and nonprofits with fewer than 20 employees - Now through March 10.
  • Allow sole proprietors, independent contractors, and self-employed individuals to receive more financial support by revising the PPP's funding formula for these categories of applicants
  • Eliminate an exclusionary restriction on PPP access for small business owners with prior non-fraud felony convictions, consistent with a bipartisan congressional proposal
  • Eliminate PPP access restrictions on small business owners who have struggled to make federal student loan payments by eliminating federal student loan debt delinquency and default as disqualifiers to participating in the PPP; and
  • Ensure access for non-citizen small business owners who are lawful U.S. residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.

Updated PPP information, including forms, guidance, and resources is available at and

Paycheck Protection Program

Congress has approved $484 billion in new COVID-19 funding relief. This relief package includes money for the payment protection program. The U.S. Chamber of Commerce has provided a summary of the new CARES Act funding. The legislation is expected to be signed into law soon.

Other helpful resources:
SBA's Small Business Guidance and Loan Resources
SBA's Coronavirus Funding Relief Options

The U.S. Chamber of Commerce has released a new guide to help businesses navigate loan forgiveness under the Paycheck Protection Program: Guide to PPP Loan Forgiveness.

Paycheck Protection Program
The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll. SBA will forgive loans if all employees are kept on the payroll for eight weeks and the money is used for payroll, rent, mortgage interest, or utilities. You can apply through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, and Farm Credit System institution that is participating. You should consult with your local lender as to whether it is participating in the program. For more details, click here. Read more on the Second Round Data, here.

PPP Funds Set Aside for Low-Income Communities
The Small Business Administration and Department of Treasury announced they would set aside $10 billion of Paycheck Protection Program funding to be lent exclusively by Community Development Financial Institutions (CDFIs). CDFIs are focused on bringing funding to low-income communities. More information is available here.

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