What to expect from the second round of PPP loans For those that missed out on applying for the first round or got stuck somewhere in the middle of the approval process, here’s what you can expect from the extension. The Paycheck Protection Program (PPP) has been renewed with a second round of relief funds for small business owners. Click here to learn more about available resources.What the New Round of PPP Loans Means for Your Business Posted JanuBy Kody Wirth The SBA will continue to process EIDL Loan applications already submitted on a first-come, first-served basis.Ĭalifornia Business & Employers Resource PageĬalifornia and the federal government are providing broad assistance to small businesses and employers impacted by COVID-19. SBA’s Disaster Loan Applications website for more information. Small Business Administration is accepting new applications to the Economic Injury Disaster Loan (EIDL) from all eligible businesses. Want to talk to an actual person about loan options? SBA provides a number of loan resources for small businesses. Paycheck Protection Program Second Draw Borrower Application Form (released January 8, 2021) If you wish to begin preparing your application, you can download the following PPP borrower application form to see the information that will be requested when you apply: Many lenders will also request 2019 tax returns and documents like a state business registration certificate. Requirements vary by lender, but applicants will generally need copies of their payroll records. Click here for more info on loan forgiveness. At least 60% of the loan must be used to pay workers and the rest may be used for qualifying expenses such as mortgage interest, rent, utilities, worker protection costs, and more. Loans will be forgiven if borrowers follow program rules. To be matched with a participating lender, visit SBA Lender Match. We recommend starting with a bank or lender you've used before. All Second Draw PPP Loans will have the same terms regardless of lender or borrower. You can apply for loans from major banks, fintechs (like PayPal and Square), and from participating community lenders such as Community Development Financial Institutions (CDFIs). If you have a business with fewer than 20 employees, you will have an exclusive window to apply until March 10th.īoth first time and returning applicants are eligible. Small Business Administration (SBA) Second Draw PPP Loan from January 13 until March 31, 2021. The following information outlines general Q&As about the Second Draw PPP application period: Second Draw Loan Borrower Paycheck Protection Program (PPP) residents by clarifying that they may use Individual Taxpayer Identification Number (ITIN) to apply for the PPP.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |