Key Highlights

  • Money still available three weeks after second go-around in PPP funding
  • According to the Wall Street Journal, some 65% of applicants already received their loan

The Paycheck Protection Program (PPP) was a newly designed relief program to provide assistance to small businesses due to impacts of the COVID-19 pandemic. The first $350B in funding was depleted in less than two weeks. When the second round of funding, some $310B, was approved for the   PPP, everyone expected the same scenario of fast and frantic approvals when the program re-launched.  But, instead, the only thing that was the same for both of these PPP funding rounds was that systems were again overwhelmed and the website crashed.

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Then everything calmed down to the point that demand for PPP funding from small businesses decimated by the pandemic simply dropped. Perhaps duplicate applications and unclear repayment terms contributed to the drop in demand. Perhaps some borrowers applied for loans from more than one lender in hope of improving their odds of being funded. Perhaps some borrowers determined the program wasn’t right for their specific business circumstances.

Whatever the reasons, some $116B is still available for small businesses (less than 500 employees) through the PPP loans. The loans can be for 2.5 times payroll costs, up to $10M.   In addition to payroll costs, small businesses can apply for

  • Payment for vacation
  • Payment for parental, family, medical and sick leave
  • Payment for dismissal or separation
  • Payment for group health care coverage including premiums
  • Payment for retirement benefits
  • Payment for state and local taxes assessed on employees’ compensation

Those who qualify for PPP loans include

  • Small businesses
  • S corporations
  • C corporations
  • LLCs
  • Private non-profits
  • Faith-based organizations
  • Tribal groups
  • Veterans groups
  • Self-employed who file IRS Schedule C with Form 1040
  • Independent contractors
  • Sole proprietors

Some portion of the PPP loan may be forgivable when portions are used to cover payroll expenses.

The funding is still there. It may be worthwhile for you to check it out.


Thanks to BusinessInsider and SmartAsset.

Also read: “This Is NOT the Great Depression.”, Pandemic Economy NOT Comparable to Great Depression – “You wouldn’t want to bet against the American economy.”, Podcast: Todays Real Estate News Headlines | Home Value Loss Looming? | Tim and Julie Harris

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