Paycheck Protection Program (PPP) Overview - NOW ACCEPTING APPLICATIONS

The Paycheck Protection Program provides small businesses with funds to pay between 8 and 24 weeks of payroll costs, including benefits. Funds can also be used to cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.

SEE BELOW FOR FULL DETAILS

First Draw PPP Details:
(accepting applications January 15, 2021 - May 31, 2021)
  • 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:
(accepting applications January 15, 2021 - May 31, 2021)
  • 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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