

SBA Bankers Discussed New Small Business Aid at Jan. 26 GABB Meeting
Bankers with expertise in handling SBA loans talked about applying for the next round of Paycheck Protection Program (PPP) funding at the Jan. 26 virtual meeting of the Georgia Association of Business Brokers.
A recording of the meeting is linked here.
GABB Affiliate Representative Kim Eells , Senior Vice President of SBA Business Development at Georgia Primary Bank, spoke along with Thomas Rockwood, Senior Vice President of SBA Lending at Atlantic Capital Bank and Cadence Bank Vice President and SBA Banker Ryan Stoll.
Here’s some PPP background from Kim Eells’ bank, Georgia Primary.
Thomas Rockwood’s bank, Atlantic Capital’s link, has this information.
Ryan Stoll’s bank, Cadence Bank, has posted this information.
SBA links to various Coronavirus Relief Options.
The Paycheck Protection Program (PPP) reopened the week of January 11 for new borrowers and certain existing PPP borrowers, according to the U.S. Small Business Association. This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan, the SBA says.
PPPSD Revenue Reduction Documentation_2021_01_19
The SBA says a borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
Has no more than 300 employees; and - Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
- The GABB is the state’s premier organization devoted to buying and selling businesses and franchises, and operates the state’s only real estate school dedicated to business brokering.
For more information about GABB, please email diane.loupe@gabb.org or call or text 770-744-3639, or contact GABB president Judy Mims at judy@childcare.properties or 404-842-1997.
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SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
SBA and Treasury Announce PPP Re-Opening; Issue New Guidance
The U.S. Small Business Administration, in consultation with the Treasury Department, announced today that the Paycheck Protection Program (PPP) will re-open the week of January 11 for new borrowers and certain existing PPP borrowers.
To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13.
The PPP will open to all participating lenders shortly thereafter. Updated PPP guidance outlining Program changes to enhance its effectiveness and accessibility was released on January 6 in accordance with the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act. The SBA also extended the deadline to apply for the Economic Injury Disaster Loan (EIDL) program for the COVID-19 Pandemic disaster declaration to December 31, 2021.
This round of the PPP continues to prioritize millions of Americans employed by small businesses by authorizing up to $284 billion toward job retention and certain other expenses through March 31, 2021, and by allowing certain existing PPP borrowers to apply for a Second Draw PPP Loan.


SBA Administrator Jovita Carranza
“The historically successful Paycheck Protection Program served as an economic lifeline to millions of small businesses and their employees when they needed it most,” said SBA Administrator Jovita Carranza. “Today’s guidance builds on the success of the program and adapts to the changing needs of small business owners by providing targeted relief and a simpler forgiveness process to ensure their path to recovery.”


US Treasury Secretary Steven Mnuchin
“The Paycheck Protection Program has successfully provided 5.2 million loans worth $525 billion to America’s small businesses, supporting more than 51 million jobs,” said Treasury Secretary Steven T. Mnuchin. “This updated guidance enhances the PPP’s targeted relief to small businesses most impacted by COVID-19. We are committed to implementing this round of PPP quickly to continue supporting American small businesses and their workers.”
Key PPP updates include:
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;
- The PPP provides greater flexibility for seasonal employees;
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
- A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
The new guidance released includes:
- PPP Guidance from SBA Administrator Carranza on Accessing Capital for Minority, Underserved, Veteran, and Women-owned Business Concerns;
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act; and
- Interim Final Rule on Second Draw PPP Loans
For more information on SBA’s assistance to small businesses, visit sba.gov/ppp or treasury.gov/cares.
SBA Georgia District Office
233 Peachtree Street NE, Suite #300
Atlanta, GA 30303
Phone: (404) 331-0100
www.sba.gov/ga
How To Determine Eligibility for Economic Aid
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act is part of a the Consolidated Appropriations Act of 2021. This Act provides designed funding to support small business impacted by COVID-19. While some components of the program are similar to the CARES Act passed in March 2020, there are some key differences. In addition, the U.S. Small Business Administration (SBA) has not released their official guidance. This information is provided by the UGA Small Business Development Center, which will continue to update their information as the approval process progresses and s and the SBA releases guidelines.
How to Determine Eligibility for Economic Aid:
Economic Aid to Hard-Hit Small Businesses: Overview
OVERVIEW: Provided by the UGA Small Business Development Center
ECONOMIC AID TO HARD-HIT SMALL BUSINESSES, NONPROFITS AND VENUES ACT
CURRENT STATUS: Signed into Law on 12/27/2020
The Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act is part of a the Consolidated Appropriations Act of 2021. This Act provides designed funding to support small business impacted by
COVID-19. While some components of the program are similar to the CARES Act passed in March 2020, there are some key differences. In addition, the U.S. Small Business Administration (SBA) has not released their official guidance. We will continue to update this document as the approval process progresses and the SBA releases guidelines.
Key Components of the Act
- Second Draw of Paycheck Protection Program Loan (PPP2)
- Targeted COVID-19 Economic Injury Disaster Loan (EIDL) Advance
- SBA Guaranteed Loan Debt Relief
- Targeted Programs for:
- Hardest Hit Businesses
- Disadvantaged Businesses
- Resolves tax treatment of PPP Forgiveness and Debt Relief Payment
Second Draw of Paycheck Protection Program (PPP2)
Eligible Businesses:
- Must have experienced at least one quarter in 2020 with revenues >25% below corresponding 2019 quarter
- No more than 300 employees
- Must have or will use full amount of initial PPP loan funds (PPP1)
- Same business types as qualified for initial PPP loans
- Had to be in business on February 15, 2020
Loan limit of $2M and $10 if combined with PPP1, based on:
- 5X average monthly 2019 payroll (same as PPP1)
- 5X if you’re a business with a NAICS Code beginning in 72
• Additional Eligible Expenses:
- Operations Expenditures – software, cloud computing, HR and accounting expenses
- Property Damage Costs – repair expenses due to public disturbances not covered by your insurance
- Supplier Costs – supplier costs essential to your business
- Worker Protection Expenditure – cost incurred to protect workers from COVID-19
- Employer Provided Group Insurance – can be included as payroll costs
• Can request an increase in PPP1 loan if SBA updated regulations would have allowed it (e.g. Owner’s Draw)
• Seasonal Employer
- Operates for no more than seven months in a year
- Earned no more than 1/3 of its receipts in any six month period during prior calendar year
- Can use highest 12 consecutive weeks of payroll between 2/15/2019 and 2/15/2020 to calculate loan size
• 501(c)(6) now eligible – cannot have more than 15% of its revenue from lobbying efforts
• Loans available through March 31, 2021
• For loans under $150k – forgiveness application is now a one-page certification that identifies:
- Number of employees you were able to retain
- Estimate of amount spent on payroll
- Total loan amount
• Must attest to the use of funds for allowable expenses only
• SBA will issue this form within 24 days of enactment
• Emergency EIDL grants extended through Dec. 31, 2021.
- Repeals the EIDL Advance Deduction from forgiveness (those already forgiven will be ‘made whole’)
• Targeted Advances to eligible entities:
- “Grosses-up” the difference between what was granted earlier and $10k
- Provides $10k grant to those who did not get grants because funding had run out
• To qualify for the full $10,000 EIDL grant, a business must:
- Be located in a low-income community, and
- Have suffered an economic loss greater than 30%, and
- Employ no more than 300
• In addition, the business must qualify as an eligible entity as defined in the CARES Act:
- A small business, cooperative, ESOP Tribal concern, with fewer than 300 employees
- An individual who operates under as a sole proprietorship, with or without employees, or as an independent contractor; or a private non-profit or small agricultural
- The business must have been in operation by January 31,
- The business must be directly affected by COVID-19.
- ECONOMIC LOSS —The term ‘‘economic loss’’ means, with respect to a covered entity—
- (A) the amount by which the gross receipts of the covered entity declined during an 8-week period between March 2, 2020, and December 31, 2021, relative to a comparable 8-week period immediately preceding March 2, 2020, or during 2019; or
- (B) if the covered entity is a seasonal business concern, such other amount determined appropriate by the Administrator.
SBA Guaranteed Loan Debt Relief
• Pays an additional 3 months of principal and interest (P&I) on existing 7(a), 504 and Microloans
- Begins in February 2021 – capped at $9,000 per month
- After 3 months – businesses with selected NAICS codes will receive an additional 5 months of P&I payments – capped at $9000 per month
- Designated NAICS Codes beginning in: 61, 71, 72, 213, 315, 448, 451, 481, 485, 511, 512, 515, 531, or 812
• Pays 6 months of P&I for any new SBA guaranteed loans approved before Sept. 30, 2021.
- Plus 3 months after first 6 months of payments
- Plus 5 months if you have a qualifying NAICS Code
• Improvements have been made to the SBA 7(a) program
- Increased SBA guarantee level to 90%
- Reduced or eliminated some fees
$15B for SBA grants to:
- Theatrical producers and talent representatives
- Operators of:
- Live venues
- Live performing arts organizations
- Museums
- Independent motion picture theatres
- Must demonstrate a 25% reduction in revenue
- Can be up to $10 million dollars with a potential supplement of 50%
- $2B is set-aside for those with less than 50 employees
Timing of Grants:
- In the initial 14 days, grants will be exclusively made to those with 90% or greater revenue loss
- In the second 14 days, grants will be to those with 70% or greater revenue loss
- After these two rounds – all other qualifying entities will receive awards
- NOTE – if you receive a grant, you cannot participate in PPP2
Focus on Disadvantaged Businesses
- $15B is set aside for Community Development Financial Institutions (CDFI) and Minority Depository Institutions (MDI)
- Programs Targeted at Specific Business Segments
- Child Care Providers
- Transportation Providers
- Rental Assistance
Resolution of Tax Issues
- Expenses paid by PPP funds can be claimed as business expenses
- Resolves the IRS and Treasury guidance that this would constitute ‘double-dipping’ and they couldn’t be used as business expenses
- Makes the language retroactive ‘as if it were included in the original CARES Act”
- Debt relief payment of P&I will not be treated as income
- Reverses recent guidance that required lenders to issue 1099 forms to borrowers benefiting from this program
- Makes the language retroactive ‘as if it were included in the original CARES Act”
- Pull together your financial information and be ready when bank portals
- The information needed is nearly identical to what you did for
For updated information:
- Watch for SBA and Treasury guidance – our website is a good source of information https://www.georgiasbdc.org
- We have additional webinar opportunities coming up and an on-demand https://www.georgiasbdc.org/2nd-round-covid-funding-webinars/
Next Steps
• Review your options as listed in this document.
- Contact your local UGA SBDC office to speak with a business consultant. There are 18 offices located throughout Georgia, serving every During this time, consultants are available via phone, email or video-conference only.
• Your business consultant will be able to answer any questions you may have. He/she will be available to assist you as you navigate the application process.
ABOUT THE UGA SBDC
The UGA Small Business Development Center (SBDC) provides tools, training and resources to help small businesses grow and succeed.
Designated as one of Georgia’s top providers of small business assistance, the UGA SBDC has 18 offices to serve the needs of Georgia’s business community.
ALBANY 229-420-1144
ATHENS 706-542-7436
GEORGIA STATE UNIVERSITY 404-413-7830
AUGUSTA 706-650-5655
BRUNSWICK 912-264-7343
UNIVERSITY OF WEST GEORGIA 678-839-5082
COLUMBUS 706-569-2651
DEKALB 770-414-3110
GAINESVILLE 770-531-5681
GWINNETT 678-985-6820
KENNESAW STATE UNIVERSITY 470-578-6450
MACON 478-757-3609
MOREHOUSE COLLEGE 470-268-5793
CLAYTON STATE UNIVERSITY 678-466-5100
ROME 706-622-2006
SAVANNAH 912-651-3200
GEORGIA SOUTHERN UNIVERSITY
912-478-7232
VALDOSTA STATE UNIVERSITY 229-245-3738
The University of Georgia SBDC is a Public Service and Outreach unit of the University of Georgia, funded in part through a cooperative agreement with the U.S. Small Business Administration.
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Georgia Named Top State for Business
In 2019, Georgia became the only state to earn this distinction seven consecutive times in the history of Site Selection’s rankings, and it is now the only state to receive the honor eight times in a row. Governor Brian P. Kemp’s announcement on Nov. 12 followed a tour of Bridgestone Golf’s headquarters and research and development facility in Covington, Georgia, where the Governor was also presented with golf balls stamped with the “No. 1 State” artwork to commemorate the occasion.
“I’m so proud that Georgia has earned this top business distinction for a record-setting eight years, and it is an honor to accept this award from Site Selection magazine,” said Gov. Kemp. “Our top-notch workforce development programs and pro-business environment, along with our strong logistics infrastructure, have further solidified the Peach State as the best place in the nation to live, work, raise a family, and start or grow a business. I thank our partners in both the public and private sectors, our world-class economic development team, and the hardworking Georgians throughout the state who helped us beat our own record with this unprecedented achievement.”
Site Selection magazine is an internationally circulated business publication covering corporate real estate and economic development. The publication’s rankings are 50% based on an index of seven criteria and 50% on the input received from a survey of independent site location experts who are asked to rank states based on their recent project experiences. This year, Georgia shares this top ranking with North Carolina.
In a survey published with the rankings, workforce skills were the most important criteria to site selectors for the fifth consecutive year, with workforce development programs coming in second place. Transportation infrastructure, ease of permitting and regulatory procedures, along with state and local taxes completed the top five issues of importance to the process.
President and CEO of Bridgestone Golf Dan Murphy hosted Governor Kemp, alongside First Lady Marty Kemp, and members from both the Georgia Department of Economic Development (GDEcD) and Site Selection magazine, as they safely celebrated these accolades. The event also highlighted Bridgestone Golf’s continued success in the state as they celebrate their 30th anniversary in Covington. The Georgia Made™ company employs nearly 160 Georgians and has continued to make new investments in research and development. Earlier this week, Bridgestone re-signed Tiger Woods and Bryson DeChambeau to long-term contract extensions, which includes DeChambeau significantly increasing his involvement in Bridgestone’s R&D processes for developing new golf ball technology.
“Georgia’s success is thanks to a long, proven track record of our state doing things the right way,” said GDEcD Commissioner Pat Wilson. “Whether entering or expanding in Georgia, it’s our goal to give every company we work with the peace of mind they need to know that they will have a long-term partner in the state.”
Site Selection magazine joins Area Development magazine in naming Georgia the top state for business for 2020 – the eighth and seventh consecutive year, respectively, that both publications have awarded Georgia the top ranking. Earlier this week, Governor Kemp also shared that Georgia remains on a record pace for economic development investments and job creation in the state during fiscal year 2021, increasing investments by 56% and jobs by 45% compared to the same timeframe last year.
About GDEcD
The Georgia Department of Economic Development (GDEcD) is the state’s sales and marketing arm, the lead agency for attracting new business investment, encouraging the expansion of existing industry and small businesses, locating new markets for Georgia products, attracting tourists to Georgia, and promoting the state as a destination for arts and location for film, music and digital entertainment projects, as well as planning and mobilizing state resources for economic development. Visit www.georgia.org for more information.