Good day, Montana-

The PPP program has launched (and our phones/email have been pretty active here at the district office…) and there have been a few updates on PPP, Shuttered Venue Operators, Debt Relief and proposed rules which I wanted to provide everyone as follows (reminder:  updates on PPP can be found at the SBA website at www.sba.gov/ppp :

• PPP First Week Data
• 60,000 Paycheck Protection Program Loans Approved in First Week (Released 1/19/2021)
  • WASHINGTON –Today, the U.S. Small Business Administration announced that it has approved approximately 60,000 PPP loan applications submitted by nearly 3,000 lenders, for over $5 billion, between the program’s re-opening on Monday, Jan. 11, at 9 a.m. ET through to Sunday, Jan. 17.   We do not have Montana specific numbers available at this time.

• PPP guidance on loan amount calculations –
• How to Calculate Maximum Loan Amounts for First Draw PPP Loans and What Documentation to Provide – By Business Type (Released 1/17/2021)

• PPP Loan Forgiveness updates  - SBA, in consultation with the Treasury Department, has recently released additional PPP guidance and resources:  
• Interim Final Rule on Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act (Released 1/19/2021)
• PPP Loan Forgiveness Application Form 3508 (Revised 1/19/21)
• PPP Loan Forgiveness Application Form 3508EZ (Revised 1/19/21)
• PPP Loan Forgiveness Application Form 3508S (Revised 1/19/21)
• Borrower’s Disclosure of Certain Controlling Interests (Released 1/19/2021) 

• Lender Notices issued for Section 1112 Debt Relief Program –
• The SBA has issued guidance to lenders on the Implementation of the Extension of the Section 1112 Debt Relief Program for the 7(a) and 504 Loan Programs, as Authorized by Section 325 of the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act. 

• Shuttered Venue Operators Grant (see attached email) –
• The webinar on the shuttered venues grant exceeded capacity so the attached email contains a link to the recorded version.  Also, information on the grant has been updated on the SBA website at:  Shuttered Venue Operators Grant (sba.gov)

• SBA Proposes Rule to Eliminate Regulations that Exclude Faith-Based Organizations from Seven SBA Programs (see attached release) - Public Comments Due by February 18, 2021
• WASHINGTON – The U.S. Small Business Administration invites public comment on a proposed rule designed to remove regulatory provisions that exclude certain faith-based organizations from seven business loan and disaster assistance programs.  These programs include the Intermediary Lending Program (ILP), Business Loan programs (7(a), Microloan and 504 programs), Economic Injury Disaster Loan (EIDL) program, Military Reservist Economic Injury Disaster Loan (MREIDL) program and Immediate Disaster Assistance Program (IDAP).  

• Second Draw Calculations (see attached and link) –
• Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts (sba.gov)
• The SBA has published a document which provides a number of scenarios/calculations for different situations (including Farmers and Ranchers which we’ve received a number of questions on) for Second Draw loans. 

• First Draw Calculations –
• PPP: How to Calculate Maximum Loan Amounts for First Draw Loans (sba.gov)
• Previously I also sent out this similar document for First Draw loans and have included that link as well with this document for quick reference. 

For more information and updates, visit SBA.gov/PPP

I hope you find the information/updates on programs helpful.  I’d imagine there will be more to come soon and we will push out any updates as soon as we have them.  Of course, if you have questions please reach out to us and we’ll do our best to help and as update come available they are also posted at the www.sba.gov website. 

PPP information can be found at www.sba.gov/ppp. 

Have an great day! 

Take care, 

-Brent.

Brent E. Donnelly

District Director – Montana

U.S. Small Business Administration

10 West 15^th Street - 1100

Helena, MT  59626

Desk: 406-441-1083

Mobile: 406-439-7613

www.sba.gov