Fully cognizant that a lot of businesses are struggling, we thought that below information can be helpful to those in time of need. Among many other things, Sec. 311 of the Act authorized funding of second round of paycheck protection program loans, or “Second Draw” loans. Pursuant to this new law, which became effective on Dec. 27, 2020, Flushing Bank will be participating in PPP2 program, and will be open to non-Flushing businesses as well. Interested businesses are welcome to reach out to James M. Morton as follows: FLUSHING BANK Vice President—Business Banking 99 Park Avenue Ste # 820 New York, NY 10016 P-646-923-9535 M-917-518-4198 james.morton@flushingbank.com www.flushingbank.com Following is the excerpt from the bank’s press release: There will be a necessity test PPP2 loans will be available to first-time qualified borrowers and, for the first time, to businesses that previously received a PPP loan. Specifically, previous PPP recipients may apply for another loan of up to $2 million, provided they: • Have 300 or fewer employees. • Have used or will use the full amount of their first PPP loan. • Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019. PPP2…
Read More Paycheck Protection Program 2.0 (“PPP2”) under Consolidated Appropriations Act, 2021
