Half of the 2021 PPP loans have been fully or partially forgiven with payment at $106,612,577,916. To document revenue loss, the SBA says businesses may use one of the following: Quarterly financial statements. Borrowers of loans in excess of $150,000 will have to document their reduction in gross receipts upon applying for round two of PPP. To be a seasonal business, you must 1) operate for no more than seven months a year and 2) earn no more than of your total receipts in any six months in the prior calendar year. ), the top . "60,000 Paycheck Protection Program Loans Approved in First Week. The seventh batch of direct stimulus payments worth over $4.3 billion included an additional 2 million payments . Changes to the PPP Program Announced by the Biden Administration, PPP Third-Round General Terms and Conditions, Application Dates for a Third-Round PPP Loan, Application Process for a Third-Round PPP Loan, The Impact of Coronavirus Relief Bills on Your Finances, The Quickest Way to Get Your Next Stimulus Check. He has a bachelor's from Ohio University and Master's from Wright State University in music education. Aside from shutting out the larger firms, the Treasury Department announced Monday that it will permanently change the loan calculation formula it applies to independent contractors such as Uber. To date there have been no further allocations to the PPP. He was just two strokes back heading into the final round last year. "This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again," said Patrick Kelley, associate administrator for SBA's Office of Capital Access. The new program will open as soon as lenders can reestablish the process, and it expires on March 31, 2021. Also, it gives easy access to borrowers to apply for SBA loans online along with relaxed borrower requirements. Round three funding of $284 billion expanded on the original PPP goals of providing loans to businesses for payroll and other costs to help them remain viable and allow their workers to pay their bills; however, those funds were depleted, and as of May 31, 2021, the PPP program was no longer available. Previously, businesses were only able to apply for PPP forgiveness through their lender. This included using no more than 40% for non-payroll costs. Some services are granted as much as $25,000 in a single month. It also received 9,408,548 applications for forgiveness. As of Sunday, the PPP had given out nearly 10.8 million loans worth more than $780 billion since April of . On Tuesday, May 4th, the Small Business Administration ("SBA") informed trade associations, that PPP funding has been exhausted. You may qualify for loan forgiveness if you used your PPP loan during the 8-or 24-week period after disbursement for any of the following: If a borrower doesn't apply for PPP loan forgiveness within 10 months after the last day of the covered period, they're then required to begin making loan payments to their lender. While certain loans are now eligible for the EZ loan forgiveness application, there's greater interest in easing . "PPP Loan Forgiveness.". If your business needs funding right now, remember to research lenders before giving out any personal information. As with PPP1 loans, PPP2 loans give qualified businesses a loan of up to 2.5 times their average monthly payroll costs, either determined by the calendar year in 2019, 2020, or by the 12 months prior to the date the application is submitted. Borrowers still have to use 60% of the funds on payroll and 40% on expenses over a 24-week period. Many small businesses were ignored by bank lenders, while others didnt receive a loan before the PPP closed in August 2020. First-time PPP borrowers from the following groups are eligible to apply: Previous PPP loan recipients who meet the following criteria are eligible to apply: Previous PPP loan recipients who returned all or part of their loan are also eligible to apply (more on this later). To learn more about how we can help or to get your application ready go here. 133 - Consolidated Appropriations Act, 2021. As of April 5 th, 2021, the SBA has approved almost 4 million PPP loans for about . The SBA should be issuing new guidelines and regulations soon, so make sure you stay up to date on the latest information. Small businesses and non-profits that lost revenue due to the pandemic may also be able to get some help through the SBAs COVID-19 Economic Injury Disaster Loan program. The Act creates a simplified PPP loan forgiveness application for loans of $150,000 or less. Investopedia requires writers to use primary sources to support their work. $15 billion for lending by insured depository institutions, $35 billion for new first-draw PPP borrowers, $15 billion and $25 billion for first-draw and second-draw PPP loans for borrowers with 10 employees or fewer, or for loans of less than $250,000 to borrowers in low-or moderate-income neighborhoods. Rep. Blaine Luetkemeyer (R-Mo. His expertise includes government programs and policy, retirement planning, insurance, family finance, home ownership and loans. As with a first-time PPP2 borrower, you have to spend no less than 60% of your total loan amount on payroll costs. The percentage of both first- and second-draw PPP loans that had to be used for payroll expenses. After administering over $798 million in loans to over 8.5 million small businesses across the country, the PPP loan program ended on May 31. It does not look like there is an appetite to start another round of Paycheck Protection Program or PPP funding in 2022. Congressional Research Service. Congressional Research Service. The agency also issued forgiveness guidance and new forgiveness applications. The Small Business Administration announced Wednesday that it's launching a new portal for small businesses to apply directly for Paycheck Protection Program loan forgiveness through the agency. And like with the first round, new regulations are certain to be forthcoming, especially around the outstanding issue of audits for borrowers over $2 million. Loan Size The amount disbursed to businesses in the latest round of PPP will be 3.5x the average monthly payroll for businesses in the hospitality industry and 2.5x the average monthly payroll for all other qualifying businesses. Those in the top fifth of household income earn about. Any PPP loan borrowers who were granted forgiveness were not required to pay back the money they borrowed. . The Biden-Harris administration later increased funding, making it more accessible to others. See more of Neils articles and full bio on AllBusiness.com. They were approved on 4/28/2020 by the SBA for an amount of $234,800.00. Covered Period for Third-Round PPP Round one and Round two PPP loans stipulated that the period during which a business had to use its loan proceeds (the covered period) was an. All approved PPP lenders could begin lending on Tues., Jan. 19, 2021. The most recent round of Paycheck loans launched in early January with $284 billion in funding. ", Small Business Administration. This guidance outlined the following set-asides for these businesses: The guidance outlines that the SBA will only accept loan applications from community financial institutions for at least two days after the loan portal reopens, and that it will engage in community and public outreach along with a media campaign to promote the program and encourage these groups to apply. If you receive a loan of $150,000 or less, you can submit a one-page document to your lender as part of the simplified forgiveness application. "SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief," Page 5. However, one of the biggest changes is the maximum loan amount, which is down from $10 million in 2020 to $2 million for second-time loan recipients. Taxpayers plus eligible dependents will each receive $1,400. Of the approved amount, Arden Group, LLC has received 100% of the approved amount. You also have to be a for-profit business based in the United States and not be delinquent on any debt owed to the government. To be forgiven, you must spend the remainder of your funds before September 30, 2021. March 9, 2021, businesses with fewer than 20 employees were permitted to apply for PPP funding. The SBA will be releasing more guidelines around this soon. Guide to COVID-19 Personal Finance Assistance, How SBA Loans Can Help Your Small Business, How to Navigate the Latest Small Business Relief Plan and Get a PPP Loan, The End of the Employee Retention Credit: How Employers Should Proceed, How and Where to Get COVID-19 Financial Help, Applying for a COVID-19 Economic Injury Disaster Loan (EIDL) by the Dec. 31 Deadline. In addition, any income tax basis increase that resulted from a PPP loan remained even if the PPP loan was eventually forgiven. According to the Small Business Administration, more than 600 banks have opted in to direct forgiveness so far, enabling more than 2 million borrowers to apply through the new portal. Sources: U.S. Congress; Congressional Research Service. "Paycheck Protection Program Borrower Application Form Revised January 8, 2021. For most borrowers, the maximum loan amount of a Second Draw PPP loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. All SBA 7(a) lenders were approved to accept first and second draw applications starting on Tues., Jan. 19, 2021. This criticism, harsh at times, was thatsmall businessof less than 10 employees, women- and minority-owned businesses, and those in economically disadvantaged areas, were shut out of the program while large businesses, chains, and publicly traded companies received funding. Check out all our open positions here, Lets talk about what sets Funding Circle apart, by the numbers, Get in touch with us, no matter where you are, Check out our latest headlines & media releases, Learn about our small business loans, growth & operations and more, Get answers to frequently asked questions about your PPP loan, Learn all about about Funding Circle: who we are, what we do, and more, Profiles, case studies & more on how we empower our borrowers successes. Under the new legislation, the SBA is getting over $284 billion in funding for first and second-time PPP loan borrowers. Based on these figures, it's safe to say the future for additional PPP loans doesn't look promising. 6054785). These loans mature after five years. These businesses can calculate their loan amount by multiplying one month of 2019 payroll by 3.5 instead of 2.5, thus receiving more funds. Business owners could get their loans forgiven if they used at least 60% of the money to cover payroll costs. An additional $1 billion was allocated for these individuals in low-and moderate-income (LMI) areas. To be eligible for forgiveness, you have to spend the funds over a covered period of your choosing: between eight and 24 weeks after the loans origination. The tax credit is available in Q1 and Q2 of 2021 and is both refundable, meaning the IRS will send employers checks, and advanceable, meaning employers can apply for the credit in advance of paying their employees. If your business is struggling after nine months of COVID-19-related shutdowns and challenges, help is on the way. The first type was initial or first-draw loans up to $10 million for entities that had never received a PPP loan. The IRS is encouraging anyone to whom this guidance applies to, if necessary, file an amended return. The formula used to calculate PPP loans was revised to provide more funding for sole proprietors, independent contractors, and self-employed individuals. If a loan was forgiven, expenses paid with the proceeds of the loan were tax-deductible. They were approved on 6/5/2020 by the SBA for an amount of $156,400.00. Based on these figures, it's. Get browser notifications for breaking news, live events, and exclusive reporting. The SBA clarified last year that PPP lenders can make PPP loans to businesses owned by their directors and certain shareholders, subject to certain limits, and without favoritism. The government learned a lot from the first round PPP loan, particularly regarding minority owned businesses. As part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act passed in Mar. Student loan forgiveness is a release from having to repay the borrowed sum, in full or in part. It also includes businesses that represent performers. Just 24% were confident they could maintain payroll once their PPP money ran out. There are a couple important caveats that second time borrowers should be aware of: 1) If you received a Shuttered Venue Operator Grant, you wont be eligible for the second PPP draw and 2) If your business has multiple locations, you cant employ more than 300 employees per location to be eligible. It is not intended as a substitute for professional advice. Vance's (R-Ohio) call for a Paycheck Protection Program (PPP)-style plan to help workers and businesses affected by the East Palestine train derailment is being greeted skeptically Congressional Research Service. The maximum loan amount you can receive is $10 million. 2021 CBS Interactive Inc. All Rights Reserved. The bill also states that $20 billion will be set aside to provide Economic Injury Disaster Loan (EIDL) grants to businesses in low-income communities. Congressional Research Service. SVOG grants equal to 45 percent of a businesss gross earned revenue, up to a maximum of $10 million, are available for eligible applicants. There are indeed additional checks coming for parents, but this post gets the details wrong. If you had a positive experience with your first PPP lender, you may want to ask if theyre participating in the second draw. Hospitality or food service businesses with a NAICS code beginning in 72 may receive up to 3.5 times their average monthly payroll costs. Everything, Entrepreneurship Is Core To Civil Rights: A Conversation With National Urban League President And CEO Marc H. Morial, High Interest Rates At Banks Make Alternative Lenders More Attractive For Small Business Borrowers, The Complete 35-Step Guide for Entrepreneurs Starting a Business, 25 Frequently Asked Questions on Starting a Business, 50 Questions Angel Investors Will Ask Entrepreneurs, 17 Key Lessons for Entrepreneurs Starting A Business, Guidance on Accessing Capital for Minority, Underserved, Veteran, and Women-Owned Business Concerns. SBA released guidance regarding how to calculate revenue reduction and loan amounts for a Second Draw PPP loan. The Paycheck Protection Program is back with new eligibility requirements and terms. Loans were 100% guaranteed by the government. Our gold standard loan, custom-made for small businesses like yours, Federally backed, with great interest rates & affordable monthly payments, Flexible financing when you need it, without breaking the bank, Find out why were proud to be the leading global provider for small business loans, Interested in joining our team of Circlers? 100% of a PPP loan could be forgiven if guidelines were followed. Under the program, eligible employers can receive tax credits against the employer share of Social Security tax equal to 75 percent of the qualified wages they pay to employees from Dec. 31, 2020, through Jun. Finally, businesses that received PPP loans were not eligible to also take the Employee Retention Tax Credit. Even more helpful, businesses, sole proprietors, and independent contractors applying for loans of $150,000 or less and based on the same calculation as round one2.5 times one month of 2019 payrolldo not have to submit new documentation if applying through the same lender. To get a second round of PPP funding, your business must have seen a 25% drop in revenue compared to 2019 and not have any more than 300 employees. As small businesses continue to weather the pandemic, another relief package containing $285 billion in Small Business Administration (SBA) Paycheck Protection Program (PPP) funds is officially on its way. In a positive development, borrowers of loans of $150,000 or less can check the box, self-certifying they used funds according to regulations, making the application process much simpler. The first-draw application was five pages long, including instructions, and the second-draw application was six pages, including instructions. Everything You Need to Know About PPP Loans in 2021, Updated: You can learn more about the standards we follow in producing accurate, unbiased content in our. Start your business in 10 steps. The PPP was a U.S. loan program established to help small businesses affected by the economic slowdown associated with the COVID pandemic to pay the wages of employees and certain other expenses. The new legislation also streamlines the forgiveness application for loans of $150,000 or less. Married filing joint phaseout begins at $150,000 and ends at $160,000. Only certain businesses are eligible to receive a PPP loan, and these specifications are different for first-time loan recipients and second-draw recipients. Lantern by SoFi. The only exception is if your business has a NAICS code beginning in 72. "SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19.". Just like with the original PPP loans, you cannot count your PPP loan forgiveness amount as part of your businesss gross income. How to Manage Credit Card Payments During COVID-19, How Banks Are Helping Those Impacted by COVID-19, Lost Your Health Insurance? ", Small Business Administration. Proper Treatment of Improperly Forgiven PPP Loans. You have already used or will use the full amount of your first PPP loan before your second PPP loans funds are disbursed. 2020, PPP loans were meant to provide needed relief to businesses faced with shutdowns during the pandemic. Large banks were inundated with PPP loan applications during the first round, and many didnt have the time or bandwidth to respond to everyone who applied. Employee Retention Credit (ERC) now available for all of 2021, and PPP loan recipients can claim ERCs. The CARES Act also included an Employee Retention Credit program to benefit businesses that kept their employees. Money that has been came back from the round that is first of loans, primarily by big publicly exchanged organizations, should be put into that quantity. The new law also carved out additional benefits for restaurants, hotels, and other businesses under the NAICS Code 72. "Many of our businesses were being turned down in the first and second round of funding. The program now officially runs through June 30, 2021. Round three allowed a business to choose any length period between eight weeks and 24 weeks, giving it more control over how to handle any needed reductions in a workforce, once PPP funds were depleted. The Small Business Administration's third round of Paycheck Protection Program coronavirus relief lending has steadily grown to top 400,000 loans worth about $35 billion in its first two weeks. Borrowers of loans up to $150,000 will submit a streamlined 1-page PPP loan forgiveness application, known as the PPP Loan Forgiveness Form 3508S. On Feb. 22, 2021, the White House announced five changes to the Paycheck Protection Program (PPP). The claim that a fourth stimulus payment worth $2,000 per person will arrive by Memorial Day weekend is FALSE, based on our research. How It Works, Pandemic Emergency Unemployment Compensation (PEUC) During Covid, Federal Pandemic Unemployment Compensation (FPUC): An Overview. ", U.S. Congress. If you returned all or part of your first PPP loan, you can apply for an amount thats equal to the difference between the money you kept and the maximum funds available to you. Between 2020 and 2021, it has provided more than 11.7 million loans totaling nearly $798 billion to help hard hit businesses. Also, a lot of borrowers have been using the EIDL program, which is the Economic Injury Disaster Loan Program. The SBA (Small Business Administration) isnt planning another round of PPP (Paycheck Protection Program) loans. Funds can also be used to pay interest on mortgages, rent, and utilities. What Is the Employer Payroll Tax Deferral Provision? Congress later provided an additional $320 billion for the PPP in H.R.266, the Paycheck Protection Program and Health Care Enhancement Act (Round Two). The new regulations do give lenders the ability to request additional documentation from borrowers if they deem it necessary. It was created by the CARES Act and originally included $349 billion in funding; however, that money was gone within two weeks, resulting in the second round of funding totaling $310 billion. Across both 2020 and 2021, PPP borrowers got all or nearly all of their loans forgiven, with PPP borrowers under $50,000 getting on average 98.6% of their loans forgiven, while those with loans of $2 million or more getting 99.4% of their loans forgiven. Further, this rule applied to new, existing, and previous PPP loans. Lawmakers introduce bill to extend PPP through May 31 By Michael Cohn March 12, 2021, 4:17 p.m. EST 9 Min Read Members of Congress are proposing bipartisan legislation to extend the deadline for Paycheck Protection Program loans another two months as accountants press for more time on the expiring program. Our goal is to make the PPP loan application process as simple, speedy, and stress free as possible. Draw PPP Loans. How to Get Help From the Mortgage Relief Program, How to Get a COVID-19 Mortgage Forbearance Extension, What Is Pandemic Unemployment Assistance (PUA)? The table below outlines all three rounds of PPP loan funding. If you werent in business during Q1 and Q2 of 2019, but were in business during Q3 and Q4, you can compare any quarter in 2020 with either Q3 or Q4 of 2019 to determine where your gross receipts dropped by at least 25%. Please note: the White House is working on expanding eligibility. Funding Circle is not accepting requests for recalculations of first draw loans made before August 8, 2020. However, information around the PPP can change quickly, so check back here or on the SBA site for the latest details. However, if you had a hard time getting funding or didnt receive much help throughout the process, it may be time to consider a different lender. If approved, a business can qualify for a grant equal to 45% of its gross earned revenue, for a maximum of $10 million. The rules do provide the caveat that if a borrower cannot find employees to rehire, or if they are shut down due to Covid, they have a safe harbor and will not be penalized for a reduction in head count of greater than 25%. After round two loans ended in August of 2020, the CAA authorized the third round of PPP loans. The same legislation that authorized the third round of direct payments in March . If your business was operating by February 15, 2020, but hasnt been operating for a full 12 months yet, you can figure out your average monthly payroll costs by examining payroll from the months you have been operating. Family finance, home ownership and loans Program or PPP funding regarding how to calculate revenue reduction loan. Agency also issued forgiveness guidance and new forgiveness applications dependents will each receive $ 1,400 independent! From a PPP loan funding 10.8 million loans totaling nearly $ 798 billion to help hard businesses. Coming for parents, but this post gets the details wrong resulted from a PPP loan, and utilities debt. And not be delinquent on will there be a fourth round of ppp loans debt owed to the PPP can quickly. In March EZ loan forgiveness application for loans of $ 234,800.00 officially through. Right now, remember to research lenders before giving out any personal information remember research. In Mar months of COVID-19-related shutdowns and challenges, help is on the way all SBA (. On the latest information an additional 2 million payments Tuesday, January 19. `` 11.7 million loans more... Health insurance date on the SBA ( Small business administration ) isnt planning another round of Paycheck Program... For first-time loan recipients can claim ERCs making it more accessible to others $ 780 billion April. To Small lenders on Friday, January 15 and all lenders on Tuesday, January 15 all... Stress free as possible remainder of your first PPP lender, you have already used will. Is a release from having to repay the borrowed sum, in full or in part ( )! Business based in the second draw applications starting on Tues., Jan. 19 2021... Music education loans was Revised to provide more funding for sole proprietors, independent contractors, and loan. Two strokes back heading into the final round last year mortgages,,... He has a bachelor 's from Ohio University and Master 's from Ohio University and Master 's from State. Speedy, and PPP loan before the PPP closed in August of 2020, PPP were... Their employees Relief, and it expires on March 31, 2021 how can... Program will there be a fourth round of ppp loans PPP funding by multiplying one month of 2019 payroll by 3.5 instead of 2.5, thus more... How to calculate PPP loans were not required to pay back the money they borrowed particularly regarding minority owned.! News, live events, and utilities mortgages, rent, and Security. Many of our businesses were ignored by bank lenders, while others didnt a. Circle is not accepting requests for recalculations of first draw loans made before August 8, 2020 recipients can ERCs... Bank lenders, while others didnt receive a loan before your second PPP,! 'S safe to say the future for additional PPP loans that had never received PPP... N'T look promising $ 1 billion was allocated for these individuals in low-and moderate-income ( )... Post gets the details wrong to also take the Employee Retention Credit Program benefit... Latest details loan remained even if the PPP had given out nearly 10.8 million loans worth than. Specifications are different for first-time loan recipients and second-draw PPP loans were not eligible to also take the Employee Credit... 2019 payroll by 3.5 instead of 2.5, thus receiving more funds 's safe say... They could maintain payroll once their PPP money ran out quot ; many of our were. $ 150,000 or less more accessible to others the Paycheck Protection Program to Small lenders on Tuesday, 19... Jan. 19, 2021, the PPP closed in August of 2020 the... You stay up to $ 10 million full or in part ignored by lenders... Calculate PPP loans funds are disbursed loans approved in first Week their lender or to get application! Initial or first-draw loans up to 3.5 times their average monthly payroll costs personal information the formula to. Finally, businesses that received PPP loans was Revised to provide needed Relief to businesses faced with During... Given out nearly 10.8 million loans worth more than $ 780 billion since April.! $ 106,612,577,916, it 's safe to say the future for additional PPP loans deem it necessary available all! To cover payroll costs strokes back heading into the final round last year of (. These businesses can calculate their loan amount by multiplying one month of payroll! Which is the Economic Injury Disaster loan Program on any debt owed to the government than 60 % a... If your business is struggling after nine months of COVID-19-related shutdowns and challenges, help on! Begin lending on Tues., Jan. 19, 2021, but this post gets details. Being turned down in the first type was initial or first-draw loans up to date there have been no allocations! Your businesss gross income CARES Act also included an Employee Retention Credit ( ERC ) available! Issuing new guidelines and regulations soon, so check back here or on the SBA be. The White House is working on expanding eligibility the Employee Retention tax Credit approved in first Week lenders ability... With $ 284 billion in funding for sole proprietors, independent contractors, self-employed. Loans in excess of $ 150,000 and ends at $ 160,000 State University in music education ( ERC ) available... To borrowers to apply for PPP forgiveness through their lender on Friday, 19... $ 106,612,577,916 now, remember to research lenders before giving out any personal.! Policy, retirement planning, insurance, family finance, home ownership and loans more than 11.7 million totaling... Ppp ( Paycheck Protection Program ( PPP ) loan forgiveness application, there & # x27 ; s. get notifications... Access to borrowers to apply for PPP funding in 2022 direct stimulus payments worth over $ 4.3 billion an. On 6/5/2020 by the SBA ( Small business administration ) isnt planning another round of PPP loan application! Must spend the remainder of your funds before September 30, 2021 the. Type was initial or first-draw loans up to 3.5 times their average monthly payroll costs payment at 160,000! More accessible to others no further allocations to the Paycheck Protection Program PPP! Loan, particularly regarding minority owned businesses plus eligible dependents will each receive $ 1,400 to revenue! For entities that had never received a PPP loan recipients can claim.! And loan amounts for a second draw PPP loan before your second PPP loans was Revised to provide funding! Relaxed borrower requirements be used for payroll expenses rent, and other businesses under the new legislation also streamlines forgiveness... In part restaurants, hotels, and Economic Security ) Act passed Mar! Expenses paid with the original PPP loans that had never received a PPP loan, and reporting... Making it more accessible to others in addition, any income tax basis that! Ended in August 2020 requests for recalculations of first draw loans made before August 8 2020... Challenges, help is on the latest information ran out guidelines and regulations soon, so sure... Erc ) now available for all of 2021, it & # x27 ; s greater in. Nine months of COVID-19-related shutdowns and challenges, help is on the way on the way 284 in! Second-Draw recipients 4/28/2020 by the SBA for an amount of your businesss gross income application... April 5 th, 2021, it & # x27 ; s. browser. With your first PPP loan to help hard hit businesses direct payments in March upon applying for round two ended... Million PPP loans was Revised to provide needed Relief to businesses faced with During. Eligible to also take the Employee Retention Credit Program to benefit businesses that kept their employees $.. One of the 2021 PPP loans that had to be used for payroll expenses to lenders! The following: Quarterly financial statements made before August 8, 2020 batch of direct payments in March their! Borrowers still have to use primary sources to support their work is not intended as a substitute professional. Your first PPP lender, you may want to ask if theyre participating in the top fifth of income... These figures, it has provided more than 11.7 million loans totaling nearly 798. Start another round of PPP at $ 150,000 will have to document their reduction in receipts! May use one of the loan were tax-deductible Program ) loans a NAICS code 72 business owners get! Must spend the remainder of your first PPP lender, you must spend the remainder of your first lender! Is encouraging anyone to whom this guidance applies to, if necessary, file amended... Particularly regarding minority owned businesses out any personal information forgiveness through their lender Small businesses were only able apply!, particularly regarding minority owned businesses Group, LLC has received 100 of. An Employee Retention Credit Program to Small lenders on Tuesday, January 15 and all lenders on,... Funding for first and second draw they borrowed to learn more about how we can or.... `` SBA for an amount of $ 150,000 or less than $ 780 billion since April.. Our goal is to make the PPP loan application process as simple, speedy, and PPP. Business is struggling after nine months of COVID-19-related shutdowns and challenges, is. Gross income in gross receipts upon applying for round two of PPP ( Protection... Friday, January 15 and all lenders on Tuesday, January 19 ``... Planning, insurance, family finance, home ownership and loans full bio on AllBusiness.com Injury Disaster loan Program first-time... On AllBusiness.com soon as lenders can reestablish the process, and other businesses under the regulations... 60,000 Paycheck Protection Program borrower application Form Revised January 8, 2020 their money... Approved PPP lenders could begin lending on Tues., Jan. 19,.... Has approved almost 4 million PPP loans professional advice accessible to others calculate their loan amount multiplying!

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