2021 PAYCHECK PROTECTION PROGRAM (PPP)from CPB

Important PPP Updates as of 12/30/2020

A COVID-19 relief bill that was signed into law on December 27, 2020 includes another round of funding for PPP loans. We are awaiting necessary operational guidance from the Small Business Administration (SBA) and are diligently preparing to reopen our PPP application portal.

Keep this page bookmarked to find updates on timing and the application process. We will also send an email notifying borrowers that we are ready to begin accepting applications.

Read the relief bill in full.

Who is eligible to apply for PPP Round 3? PPP Round 3 (PPP3) loans will be available to first-time qualified borrowers and, for the first time, to businesses that previously received a PPP loan. Specifically, previous PPP recipients may apply for another loan of up to $2 million, provided they:

  • Have 300 or fewer employees.

  • Have used or will use the full amount of their first PPP loan.

  • Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019.

PPP3 also makes the forgivable loans available to Sec. 501©(6) business leagues, such as chambers of commerce, visitors’ bureaus, etc., and “destination marketing organizations” (as defined in the act), provided they have 300 or fewer employees and do not receive more than 15% of receipts from lobbying. The lobbying activities must comprise no more than 15% of the organization’s total activities and have cost no more than $1 million during the most recent tax year that ended prior to Feb. 15, 2020.

PPP3 will also permit first-time borrowers from the following groups:

  • Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans.

  • Sole proprietors, independent contractors, and eligible self-employed individuals.

  • Certain not-for-profits, including churches.

  • Accommodation and food services operations (those with North American Industry Classification System (NAICS) codes starting with 72) with fewer than 300 employees per physical location.

The bill allows borrowers that returned all or part of a previous PPP loan to reapply for the maximum amount available to them.

Maximum Loan Amount

All new PPP loans are limited to a maximum amount of $2 million. The basis for calculating the PPP loan amount is 2.5 times the average monthly payroll costs incurred or paid during 2019 or the 12 months prior to the loan date. For the accommodations and food service industry (NAICS 72), the multiple is 3.5 times instead of 2.5 times.

Simplified Loan Application Process for Loans up to $150,000

Entities requesting smaller loans will not be required to submit documentation supporting the decline in gross receipts. Rather, they will simply need to submit a certification attesting to the revenue loss to qualify. However, it is important to note that documentation to substantiate the revenue loss will be required to be submitted to the lender at or before the time of filing for forgiveness.

Other Significant Changes

Additional changes from the Act include:

  • The Economic Injury Disaster Loans (EIDL) advance amount will no longer be deducted from PPP forgiven loan amounts.

  • PPP borrowers are now eligible for Employee Retention Credits, providing the same wages are not used to calculate both the credit and forgiven loan amounts.

  • The covered period for all borrowers, including existing PPP loan borrowers, has been extended until March 31, 2021.

Expansion of eligible nonprofits to include certain 501©(6) and destination marketing organizations.

Stay Tuned

There are many important aspects of the new law that businesses need to understand, including payroll tax deferrals, Employee Retention Credit changes and more. We will issue additional updates on these topics as details of the new law becomes available. About the Original PPP program

As part of the CARES act, the Federal Government authorized aid toward job retention and certain other expenses.

The Paycheck Protection Program (PPP) was created to provide rapid funding to small businesses in the form of a forgivable loan.

All loans have the same terms, regardless of which lender you chose to work with.

  • No Collateral or Personal Guarantee

  • No Fees

  • 1.00% Interest Rate

  • Loan Forgiveness is available

  • Deferred Payments

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