Small Business Support
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PPP Loan Updates (January 2021) Check here for more updates as they happen n
In response to President Trump signing the Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act into law on Dec. 27, 2020, the SBA released two new Interim Final Rules late on Jan. 6. One covers how the PPP has been amended by the Act and the other highlights details of the PPP second draw loans for those that already received a PPP loan.
There are two ways to participate in the new PPP Loan Program for January 2021.
1st Draw Application:
This is primarily for businesses and organizations that did not participate in the previous round of PPP Loans. Who can apply: Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.
2nd Draw Application:
This is primarily for businesses that received a previous PPP Loan during the original round in the spring/summer of 2020. Who can apply: Businesses that previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses; Has no more than 300 employees; and Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Documentation Needed: :
- Payroll Statement from the pay period inclusive of 2-15-2020
- 2019 or 2020 (whichever was used to calculate payroll) Tax forms or Financial Records or Bank Statements
- Form 941s
- State Quarterly wage unemployment tax insurance tax report forms
- Equivalent Third-party payroll process records can be provided in place of tax forms
- Evidence of any employee group retirement plans
- Evidence of any employee group health, life, disability, vision and dental insurance contributions
- Self Employed: 2019 or 2020 Schedule C
- Partnership: 2019 or 2020 K-1’s
For second-draw requests:
- Quarterly reports or tax filings showing comparable quarterly gross revenue for 2019 and 2020
Want to learn more about this program and others that may be available, just visit SBA.gov
What every Paycheck Protection Program borrower should do after receiving a loan:
5 Things After Receiving A PPP Loan