Paycheck Protection Program

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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:

  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?

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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