• Monday Member News 1/11/2021

     
    In this edition:
     
    • SBA Outlines New Guidelines
    • A Look Back....a Look Ahead
    • Community Partners
    • Happy Chamberversary to Renewing Members
    • Virtual Expo
    • Member News
     
    SBA Announces Reopening of PPP for
    Jan. 11, Outlines New Guidance
     
    The U.S. Small Business Administration (SBA) today announced that the Paycheck Protection Program (PPP) will reopen the week of January 11 for new borrowers and January 13 for second draw borrowers. For companies interested in applying for a new PPP loan, we strongly urge you to promptly consult with your financial institution and tax advisor to ensure you have the latest information as elements are still evolving, and are prepared to act as the loan funds become available.
     
    Key updates to this round of funding include:
    • Borrowers can set their loan covered period to be any length between eight and 24 weeks to best meet their needs.
    • Loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.
    • Eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations.
    • Greater flexibility for seasonal employees.
    • Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount.
    • Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
    • Increases PPP loan amounts for accommodations and food service businesses.
    • Creates a simplified PPP loan forgiveness application for loans under $150,000
     
    More information is available through your financial institution or at sba.gov/ppp or treasury.gov/cares
     
    A Look Back...a Look Ahead
     
     
    2020 Annual Report
     
    Click the image to enlarge and see what we have been up to in 2020
     
     
     
    2021-2022 Strategic Plan
     
    Click the image to enlarge and see what we have planned through June 2022.
     
     
    Community Partners
     
    Happy Chamberversary!
     
     
    • Byron Community Wellness Foundation
    • Grand Rapids Chair Company
    • BIGGBY Coffee
    • Joni Vander Till
    • SpartanNash YMCA
    • Spicer Group*
    • United Bank*
     
    • Tamminga Properties, LLC
    • Bite Cancer Foundation
    • Chuck's Landscape Management, Inc.
    • Edward Jones, Jay Zahran AAMS Financial Advisor
    • Hillview Resort, LLC
    • Paul Davis Restoration of West Michigan
     
    *Strategic Partner
     
    Have you checked out the Virtual Expo?
     
     
    Member Updates
     
    Do you have information that you would like to share with fellow Chamber members? Please contact the Chamber office to be included in next week's Monday Member News.