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5 Big Changes to the Paycheck Protection Program (PPP)
The Paycheck Protection Program is back, do you know about the recent changes to the program?
5 Big Changes to the Paycheck Protection Program:
- The SBA PPP loans top out at $2 million per business, compared to the previous $10 million top out
- Businesses must have less than 300 employees
- Small Business must show a minimum drop of 25% in sales during the same time in 2019
- Companies publicly traded are ineligible for PPP Loans
- $12 billion assigned specifically to Minority-owned small businesses
Additional details on spending the funds:
- 60/40 split on payroll and non-payroll costs
- Payroll costs can now include:
- Group life
- Dental insurance costs
- Non Payroll costs can now include:
- covered operations expenditures
- covered property damage costs
- covered supplier costs
- covered worker protection expenditures
Do you want to see which PPP option will still work for you?
Are you struggling to find Financial Guidance during the COVID-19 hardship?
We’ve been helping clients with disaster relief, survival budgeting, and cash management plans since March!
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SBA no longer accepting new PPP loan applications
The SBA has stopped accepting new applications for the Paycheck Protection Program from most lenders, almost a full month ahead of the loan’s application deadline.
Will 2 months and $60 billion be enough for PPP?
A week ago, on Tuesday, March 30, 2021, the President signed into law the PPP Extension Act of 2021. About $60 billion remain available in SBA Loan funding.
PPP Grants Additional Funds for Schedule C’s and Independent Contractors
A few weeks ago, the Biden Administration passed new legislation helping Schedule C’s and Independent contractors with the ability to gain more PPP funding
PPP Program Extension signed by President Joe Biden
Today March 30, 2021 President Joe Biden signed the PPP Program Extension, postponing the deadline to May 31, 2021. How does this affect you?
PPP vs SVOG vs EIDL: Do I Qualify for all of them?
PPP vs SVOG vs EIDL, Considering applying for different funds? Here’s an analysis of requirements to meet when considering different loans.
Paycheck Protection Program Application 2021
The Paycheck Protection Program (PPP) is a loan program under the Coronavirus aid, Relief, and Economic Security (CARES) Act aimed to provide relief to small businesses affected by the COVID-19 pandemic.