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Revived Paycheck Protection Program Outline
Key Highlights
– New Paycheck Protection Program (PPP) runs through March 31
– This is second cash infusion – you CAN get PPP relief aid in this second round
– This is all we know so far…
The Paycheck Protection Program (PPP) is back for another go.This revived PPP will run through March 31. If you applied and received PPP aid in the first go-around, you can apply and, hopefully, receive money again. The PPP package contains $285B to eligible small businesses for additional loans even to businesses that received PPP loans before as well as to first-time business applicants. Here are the specifics we know at this point:
– Runs through March 31
– Program reopened to businesses that have already received help plus “new” small business applicants
– Loans are tax-free
– Loans guaranteed by the Small Business Administration but made by banks and other lenders
– SBA spokesperson – “next round of PPP (to be) launched as quickly as possible”
– Funds can be used for payroll, rent, utilities PLUS supplies from vendors, protective equipment for their staff, or to fix property damage
– Must have fewer than 300 employees and have had a -25% drop in sales from one year earlier in at least one quarter to qualify for loan up to $2M
– Borrowers limited to 2.5 times their payroll – only hotels and food service businesses eligible for 3.5 times payroll
– Publicly-traded companies are ineligible for these funds
– Most active lenders in first round included Bank of America, JPMorgan Chase, Cross River Bank and Wells Fargo
– Allows business owners who received loans in first round to claim deductions for expenses they paid for with loan proceeds
– Loans may become grants if and when the program recipient is in compliance with all requirements and reporting documentation thoroughly and completely
Thanks to The New York Times.
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