{"id":12836,"date":"2020-03-22T09:14:07","date_gmt":"2020-03-22T16:14:07","guid":{"rendered":"https:\/\/www.tmcfinancing.com\/?page_id=12836"},"modified":"2021-06-11T14:23:35","modified_gmt":"2021-06-11T21:23:35","slug":"covid-updates","status":"publish","type":"page","link":"https:\/\/www.tmcfinancing.com\/es\/covid-updates\/","title":{"rendered":"Actualizaciones de Covid-19"},"content":{"rendered":"<p>[vc_row][vc_column][vc_column_text]<\/p>\r\n<h2>TMC is your partner and we are <strong>here to help.<\/strong><\/h2>\r\n<p>We recognize the immense challenges facing small businesses as a result of the Coronavirus crisis. It is our goal to be as helpful and as supportive as possible to get through this difficult time.<\/p>\r\n<p>We will continue to update this page as additional information comes available.<\/p>\r\n<h4><\/h4>\r\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;3\/4&#8243;][vc_column_text]<\/p>\r\n<p>I am text block. Click edit button to change this text. Lorem ipsum dolor sit amet, consectetur adipiscing elit. Ut elit tellus, luctus nec ullamcorper mattis, pulvinar dapibus leo.<\/p>\r\n<p>[\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;3\/4&#8243;][vc_btn title=&#8221;Download Summary of Key Provisions for Small Businesses&#8221; color=&#8221;orange&#8221; size=&#8221;sm&#8221; i_align=&#8221;right&#8221; i_icon_fontawesome=&#8221;fa fa-download&#8221; add_icon=&#8221;true&#8221; link=&#8221;url:https%3A%2F%2Fwww.tmcfinancing.com%2Fwp-content%2Fuploads%2F2021%2F02%2FStimulus-2-Summary-2.23.21.pdf|title:Download|target:%20_blank|&#8221;][ultimate_spacer height=&#8221;10&#8243;][\/vc_column][vc_column width=&#8221;1\/4&#8243;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;3\/4&#8243;][vc_column_text]<\/p>\r\n<h2><strong>What you need to know about the new SBA 504 Refinance Program<\/strong><\/h2>\r\n<ul>\r\n<li>The loan to be refinanced only needs to have been in place for 6 months, rather than 2 years<\/li>\r\n<li>The 504 Program can now refinance SBA 7a loans<\/li>\r\n<li>12 months of current payments is no longer an eligibility criteria, it is reviewed as part of the credit decision<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>For one year from Dec. 27, 2020 borrowers can refinance the first trust deed and take cash out to be used for business needs, rather than exclusively used on their building<\/li>\r\n<li>Total financing: up to 90% LTV when combined with the 504 second mortgage<\/li>\r\n<\/ul>\r\n<h2><strong>Temporary Fee Reduction for 504 Program<\/strong><\/h2>\r\n<ul>\r\n<li>Fee reductions for new 504 loans approved from the date of enactment of the new law (Dec. 27, 2020) through Sept. 30, 2021<\/li>\r\n<li>Waives <strong>0.5% Third Party Lender Participation Fee<\/strong> on loan in senior lien position in 504 project<\/li>\r\n<li>Waives <strong>1.5% CDC processing fee<\/strong> (in debenture pricing)<\/li>\r\n<li>SBA guidance expected to address handling of all loans currently in process at SBA<\/li>\r\n<\/ul>\r\n<h2><strong>Debt Forgiveness<\/strong><\/h2>\r\n<p>On January 19, 2021 the SBA released implementation guidance surrounding the Economic Aid Act.\u00a0 This Act appropriates $3.5 billion to extend the small business debt relief program established by the original CARES Act.<\/p>\r\n<ul>\r\n<li>6 months of payment subsidies if loan was funded on or before Sept. 27, 2020 OR 3 months of payment subsidies if loan was funded on or after Sept. 28, 2020<br \/>\r\n<em>(Funded borrowers &amp; borrowers coming off deferment may have already received or been allocated this relief under original CARES Act)<\/em><\/li>\r\n<li>2 months of payment subsidies starting Feb. 1, 2021, capped at $9,000 per loan per month<\/li>\r\n<li>An additional 3 months of payment subsidies for loans to underserved (includes Community Advantage Loans and Microloans) or hard-hit industries, capped at $9,000 per loan per month<\/li>\r\n<\/ul>\r\n<ul>\r\n<li>6 months of payment subsidies if loan was funded on or before Sept. 27, 2020 OR 3 months of payment subsidies if loan was funded on or after Sept. 28, 2020<\/li>\r\n<\/ul>\r\n<p>Why? Congressional intent of the CARES Act is to provide relief to existing borrowers in place at the onset of the pandemic and to stimulate new loans that would not otherwise occur because of the pandemic.<\/p>\r\n<ul>\r\n<li>3 months of payment subsidies, capped at $9,000 per loan per month (subject to availability of funds)<\/li>\r\n<\/ul>\r\n<h2><a href=\"https:\/\/www.census.gov\/naics\/\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2021\/02\/Hard-Hit-NAICS-Codes-1024x586.jpg\" alt=\"\" width=\"1024\" height=\"586\" \/><\/a><\/h2>\r\n<p>&nbsp;<\/p>\r\n<p>Please contact TMC Servicing by sending an e-mail to: <a href=\"mailto:caresactinfo@tmcfinancing.com\" target=\"_blank\" rel=\"noopener noreferrer\">caresactinfo@tmcfinancing.com\u00a0<\/a>or calling 1-888-645-7980[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/4&#8243;][\/vc_column][\/vc_row][vc_row][vc_column width=&#8221;3\/4&#8243;][vc_column_text]<\/p>\r\n<h2><strong>Paycheck Protection Program<\/strong><\/h2>\r\n<p>Businesses that received a First Draw PPP Loan can apply for a Second Draw PPP Loan if they experienced a drop of at least 25% in 2020 revenue over the same time period in 2019<\/p>\r\n<p>PPP borrowers must have used all of their First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed<\/p>\r\n<ul>\r\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\">The full amount of the First Draw PPP Loan must have been spent on permitted authorized costs<\/li>\r\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\">The new PPP Program is authorized by SBA through March 31st, 2021<\/li>\r\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\">The maximum loan amount for a Second Draw PPP Loan is equal to 2 1\/2 months of the borrower&#8217;s average monthly payroll<\/li>\r\n<li data-leveltext=\"\uf0b7\" data-font=\"Symbol\" data-listid=\"12\" aria-setsize=\"-1\" data-aria-posinset=\"1\" data-aria-level=\"1\">For restaurants and businesses in the hospitality industry, the maximum loan amount can be as much as 3-1\/2 months of average monthly payroll<\/li>\r\n<\/ul>\r\n<p>If a Second Draw PPP borrower used its 2019 figures to determine its First Draw PPP Loan amount and uses its 2019 figures to determine Second Draw PPP loan amount, TMC will not need any additional documentation to substantiate payroll costs<\/p>\r\n<ul>\r\n<li>For Second Draw PPP Loans less than $150,000 PPP borrowers must submit the revenue reductions documentation EITHER at application or when it applies for PPP Loan forgiveness. For Second Draw PPP Loans greater than $150,000, PPP borrowers must submit documentation at the time of application<\/li>\r\n<li><a href=\"https:\/\/www2.tmcfinancing.com\/e\/183462\/-draw-borrower-app-EXAMPLE-pdf\/3r4n3y\/550148762?h=GUZWMDBGHxdDjioLhJTRS8WW0dQTIkgrrXAV_WD8HiA\">View an example Second Draw Borrower Application, SBA Form 2483-SD (1\/21) here.<\/a> This is for informational purposes only.<\/li>\r\n<li>Also note:\r\n<ul>\r\n<li>Expenses paid for with PPP loan proceeds, are deductible from federal taxes<\/li>\r\n<li>A simplified forgiveness application for <strong>loans under $150,000<\/strong> is expected to be released soon<\/li>\r\n<\/ul>\r\n<\/li>\r\n<li><strong>EIDL<\/strong>: The $1,000 &#8211; $10,000 grant received by EIDL borrowers will no longer be deducted from PPP loan forgiveness.<\/li>\r\n<\/ul>\r\n<p>Please review our <a href=\"https:\/\/www2.tmcfinancing.com\/e\/183462\/ppp-forgiveness-faqs-\/3r4n41\/550148762?h=GUZWMDBGHxdDjioLhJTRS8WW0dQTIkgrrXAV_WD8HiA\">PPP Loan Forgiveness FAQs<\/a> to learn more about the forgiveness application process and note that we will send an email invite to apply for Second Draw PPP Loans as soon as the TMC application portal is open. For questions surrounding PPP, please email <a href=\"mailto:ppp@tmcfinancing.com\">ppp@tmcfinancing.com<\/a> or call 415.655.5480.<\/p>\r\n<p><em>*All information above is subject to full pending SBA implementation guidance &#8211; required regulations, notices and revised forms.\u00a0<\/em>[\/vc_column_text][\/vc_column][vc_column width=&#8221;1\/4&#8243;][ultimate_info_table design_style=&#8221;design05&#8243; color_scheme=&#8221;yellow&#8221; package_heading=&#8221;PPP&#8221; heading_tag=&#8221;h1&#8243; package_sub_heading=&#8221;Helpful Documents&#8221; sub_heading_tag=&#8221;h4&#8243; heading_font_color=&#8221;#ffffff&#8221; subheading_font_color=&#8221;#ffffff&#8221;][\/ultimate_info_table][vc_empty_space][vc_empty_space][vc_empty_space][vc_empty_space][vc_empty_space][\/vc_column][\/vc_row][vc_row disable_element=&#8221;yes&#8221;][vc_column][vc_cta h2=&#8221;TMC Loan Deferment Program&#8221; color=&#8221;blue&#8221; add_button=&#8221;bottom&#8221; btn_title=&#8221;Learn More&#8221; btn_link=&#8221;url:https%3A%2F%2Fwww.tmcfinancing.com%2Fcovid-deferment%2F|title:%5B%3Aen%5DTMC%20Loan%20Deferment%20Due%20to%20COVID-19%5B%3A%5D||&#8221;]Still in need of a loan deferment? We are happy to help.[\/vc_cta][\/vc_column][\/vc_row]<\/p>\r\n","protected":false},"excerpt":{"rendered":"<p>[vc_row][vc_column][vc_column_text] TMC is your partner and we are here to help. We recognize the immense challenges facing small businesses as a result of the Coronavirus crisis. It is our goal&#8230;<\/p>\n","protected":false},"author":12,"featured_media":12926,"parent":0,"menu_order":0,"comment_status":"closed","ping_status":"closed","template":"","meta":{"_acf_changed":false,"content-type":"","inline_featured_image":false,"footnotes":""},"class_list":["post-12836","page","type-page","status-publish","has-post-thumbnail","hentry"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.3 (Yoast SEO v27.7) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Updates on COVID-19 for Small Businesses | Cares Act SBA Loans<\/title>\n<meta name=\"description\" content=\"The latest resources for small businesses facing hardships due to COVID-19. 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