SBA Issues Guidance on Next Round of PPP Loans
The Small Business Administration (SBA) recently released updated Paycheck Protection Program (PPP) interim final rules, offering additional guidance on the new PPP provisions contained in the federal COVID-19 relief package passed in December 2020.
PPP is now reopen through March 31, 2021 and the new rules include changes to the underlying PPP regulations and the authorization of Second Draw PPP Loans.
Visit this SBA website for detailed information on eligibility, new restrictions, and how the provisions apply to both new First Draw PPP Loans and Second Draw PPP Loans. You can also review our recent webisode on PPP 2.0 here.
NYS Unemployment Insurance Update
NYS Governor Andrew Cuomo has issued an Executive Order protecting businesses from higher unemployment insurance premiums related to layoffs during the ongoing COVID-19 pandemic. The full executive order can be viewed here.
In addition, the New York State legislature is advancing a bill to accomplish the same goal. Legislation is a more permanent fix given an Executive Order can be rescinded at any time. The NYS Senate passed the bill and it now moves to the Assembly.
The BNP has been aggressively pushing NYS to not calculate COVID-19 related layoffs in an employer’s experience rating which helps determine UI premiums. Given the economic downturn resulting from COVID–19, employers could be facing skyrocketing UI costs without action.
While these updates are encouraging, it is essential that we continue to push this issue. If you have not already, please join our campaign and contact your representative. You can quickly and easily do this through our convenient Voter Voice platform which does most of the work for you.
The Buffalo Niagara Partnership is committed to providing employers with the latest information and resources to help you deal with COVID-19 and its impact on our community, state and nation. Visit our Events and Resource pages as they are updated regularly to provide you with the most current information.
Do you have specific questions related to running your business or your business unit? Visit the BNP Business Link, a question and answer forum for, and by, the Buffalo Niagara business community. Submit your questions and get expert answers on just about any topic from legal, IT, HR, NYS regulations, sales, marketing, communications and more. It is quick, confidential, powerful and convenient.