Paycheck Protection Program

The Paycheck Protection Program is back, do you know about the recent changes to the program?

5 Big Changes to the Paycheck Protection Program:

1. The SBA PPP loans top out at $2 million per business, compared to the previous $10 million top out
2. Businesses must have less than 300 employees
3. Small Business must show a minimum drop of 25% in sales during the same time in 2019
4. Companies publicly traded are ineligible for PPP Loans
5. $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
    • Disability
    • Vision
    • 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?