The federal Paycheck Protection Program has been re-authorized (PPP 2.0), allowing eligible businesses to receive either a second loan—or a first loan if they didn’t get one initially.
So if you want in, you’ll need to act now. When the funding runs out, no more applications will be accepted.
Good to know
- The race is on––funds could be exhausted in a few short weeks, so don’t wait.
- Funds can be deposited directly to your bank account. You do not need to have an existing bank relationship.
- Apply quickly and securely upload the required documents with ease.
- 100% of the loan can be forgiven, as long as you follow the guidelines of the loan.
Who’s eligible?
- Sole proprietors / Independent contractors / Self-employed individuals
- Qualifying nonprofits: The new bill has expanded eligible businesses to include certain 501(c)(6) nonprofit organizations
- Seasonal employers: Businesses that operate no more than 7 months within a year or earn less than one-third of gross receipts within a 6-month period
- Faith-based organizations with fewer than 150 employees
- Housing cooperatives that employ less than 300 people
PPP 2.0 highlights
- Eligibility: Must have fewer than 300 employees and a 25% drop in sales in a quarter in 2020 compared to the same quarter in 2019.
- Maximum loan amounts: 2.5x monthly payroll (3.5x for businesses in SIC Code 72 – restaurants, accommodations and others). All PPP-2 loans are capped at $2M.
- Loans under $150k: Expect an expedited process relying on certifications rather than supporting documents.
Questions? Contact us!