Great News! The next round of Paycheck Protection Program funding is here
The PPP program allows eligible borrowers to obtain loans at favorable terms, with the possibility of forgiveness. A PPP loan can help your business rebuild and stay afloat during these difficult times.
If you are looking for a more efficient way to apply and secure funding, we can help. We’ve partnered with SmartBiz to make the process easy and transparent. Get started today!
New PPP Loan “Need to Knows”
- A second loan for small businesses with less than 300 employees with a revenue reduction of at least 25% in the first, second or third quarter of 2020 relative to the same quarter in 2019.
- A maximum second loan amount of $2 million for most businesses at 2.5 times their average monthly payroll costs (although some food service and accommodations businesses could see more) as their maximum equals 3.5 times their monthly payroll costs.
- Creation of a simplified forgiveness application form consisting of a one-page certification that requires small businesses to list the loan amount, number of employees retained and the estimated total spent on payroll costs.
- Forgiveness for small business if they spend at least 60% of their PPP second draw loan on payroll costs during the covered period.
- Expansion of covered expenses to include software, cloud computing resources and accounting needs, as well as property damage costs due to public disturbances that were not covered by insurance.
- Repeal of a previous CARES Act provision that required small businesses to deduct any Economic Injury Disaster Loans from PPP loan forgiveness.
- PPP loan borrowers to choose two covered periods, an eight-week covered period or 24-week covered period, in which to spend the loan proceeds.