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The Paycheck Protection Program (PPP) is opening once again thanks to Congress’ Consolidated Appropriations Act 2021 passed at the end of December 2020. Now, the PPP program established by the CARES Act is targeted to help small businesses more than ever. As we have learned in 2020, nothing is as it seems as first. We will continue to monitor SBA and IRS for implementation details. Consult your tax advisor for guidance specific to your business.
As before, Congress has directed the Small Business Administration (SBA) to work with banks to administer the PPP loan and forgiveness process. Participants will complete all paperwork through banking institution lenders. Some highlights of the updated program:
As noted earlier, Congress has updated eligibility for PPP2 to target small business. To that end, several key provisions were updated or added. Those include:
Businesses types that may apply include:
Businesses who have not yet received a PPP Loan can borrow is the lesser of:
Businesses applying for a second round can borrow the lesser of:
At least 60% of loan proceeds must be spent on:
40% of the funds may be spent on:
In just ten minutes you can see if it makes sense for us to work together. No pressure, no sales tactics. Tell us about what’s working and not working for you. If we can help, we’ll schedule another time to go deeper with you.
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