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NO LONGER ACCEPTING APPLICATIONS - SBA FUNDS HAVE BEEN EXHAUSTED - Paycheck Protection Program (PPP) Overview
SEE BELOW FOR FULL DETAILS
First Draw PPP Details: NO LONGER ACCEPTING APPLICATIONS
- First Draw PPP loans are reserved for eligible businesses which have not yet received PPP loan funds.
- 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 (see Second Draw PPP Details below.)
- Funds are provided in the form of loans that may be fully forgiven when used for payroll costs, interest on mortgages, rent, and utilities (at least 75% of the forgiven amount must have been used for payroll.)
- Loan payments will also be deferred for six months
- 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;
- 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
- Gather the following items for your application:
- 2020 Quarterly 941 Wage Reports
- 2020 W-3 Annual Wage Report
- 2020 Schedule C from Federal Tax Return for Sole Proprietor
- Contact [email protected] with questions
Second Draw PPP Details: NO LONGER ACCEPTING APPLICATIONS
- Second round of PPP loans for eligible businesses
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
- Small businesses should have no more than 300 employees, and
- demonstrate at least 25 percent reduction in gross revenues between comparable quarters in 2019 and 2020.
- Maximum loan size of 2.5X average monthly payroll costs, up to $2 million
- Small businesses assigned to the industry NAICS code 72 (Accommodation and Food Services) allowed to receive PPP second draw loans equal to 3.5X average monthly payroll costs.
- Borrowers eligible to receive loan forgiveness if they spend at least 60 percent of their PPP second draw loan on payroll costs over a period of their choosing between 8 weeks and 24 weeks.
- Interim Final Rule on Second Draw PPP Loans
- Gather the following items for your application:
- 2020 Quarterly 941 Wage Reports
- 2020 W-3 Annual Wage Report
- 2020 Schedule C from Federal Tax Return for Sole Proprietor
- Contact [email protected] with questions
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