Last week Senate Majority Leader Chuck Schumer was featured on a zoom meeting talking directly to local broadcasters and newspapers. There were more than 250 attendees, mostly broadcasters. During the call, Leader Schumer expressed his strong support for local stations.
The SBA has issued proposed rules and the applications for both initial PPP loans and “Second Draw” loans. Stations that have already received their first PPP loan must meet the requirements for a “Second Draw” loan. An overview of the programs can found in recent editions of NewStream. Remember PPP loans can be obtained only through an SBA approved lending institution. So the first step should be to contact your local bank or lending institution to see if they are authorized to approve SBA loans.
Here are some important SBA links regarding the PPP program:
SBA, in consultation with the Treasury Department, has recently released additional PPP guidance:
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021)
- Interim Final Rule on Second Draw Loans (Released 1/6/2021)
- SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (Released 1/6/2021)
For more information on the PPP loan programs and application go to the U.S. Small Business Association website HERE.
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