Hello Commerce Colleagues,
Here are some reputable sites that have information breaking down what is included in the new stimulus bill that Congress passed and the President signed yesterday.
For a general overview of the stimulus legislation: https://www.nytimes.com/2020/12/22/us/politics/second-stimulus-whats-included.html. I was able to access this content without a subscription.
The National Law Review has provided specific details about PPP Round 2 provisions: https://www.natlawreview.com/article/paycheck-protection-program-round-2-highlights
Businesses can be first time PPP loan applicants or come back for a second round of funding. The SBA has 10 days to produce guidance about this second round of PPP funding. There is no updated information on the SBA website yet, but I will keep checking this and other sources. The financial institutions which plan to participate in PPP Round 2 will wait for the SBA guidance to come out before taking applications. However, based on my experience with PPP Round 1 when I was a banker, I would recommend that businesses touch base with their financial institutions now to express their interest in PPP Round 2 and to make sure that their bank/credit union is participating in the program. Bankers may also be able to provide preliminary information about general documentation that the company will want to have ready (i.e. updated payroll data and company financial statements). The bankers may also be collecting emails of interested companies so they can let them know when their application portals open.
Cordially,
Karen Appelgren | Business Retention and Expansion Program Manager
Idaho Commerce
