Paycheck Protection Program
PPP Loans - Apply Today
What is the Paycheck Protection Program?
Is my business eligible for a 2nd Draw Paycheck Protection Program Loan?
Are you curious about the second round of monies from the Paycheck Protection Program (PPP)? If you are, the application process has officially opened; however, it will close in March 2021, or when the money is gone; therefore, apply early.
If you want to apply for the next PPP round, your business needs to have a 25% decline in gross receipts in any ONE quarter of 2020 as compared to the same quarter in 2019. The easiest way to check this is to look at the deposits on your bank statements or in your accounting software program, i.e., QuickBooks.
- The PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.
- Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Who can apply?
This program is for any small business or not for profits with less than 500 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organizations, and 501(c)(19) veterans organizations affected by coronavirus/COVID-19. Businesses in certain industries may have more than 500 employees if they meet the SBA’s size standards for those industries. Small businesses in the hospitality and food industry with more than one location could also be eligible if their individual locations employ less than 500 workers.
Will I have to pay back this loan?
The loan may be fully forgiven if 60% of the funds are used for payroll costs, interest on mortgages, rent, and utilities and you have not reduced your payroll by more than defined amount.
The purpose of this loan/forgiveness is to enable and encourage small businesses or not for profits to protect their employees. Loan payments will be deferred for six months, and no collateral or personal guarantees are required. Neither the government nor lenders will charge small businesses any fees. Forgiveness is based on the employer maintaining or quickly rehiring employees and maintaining salary levels. Forgiveness will be reduced if full-time headcount declines, or if salaries and wages decrease.
How do I apply?
Please fill out the information below to determine your organization's eligibility. The qualification is within 25 miles of our office located at 604 13th Avenue East, Bradenton, FL 34208. If your organization is located in the Manatee or Sarasota area you should qualify. Please click on the button below to get started!
We know this process can be confusing and getting answers to all of your questions can be challenging. The Small Business Association has posted some Frequently Asked Questions that may assist your efforts in finding answers to general questions. Click on the button below. You may also email us at firstname.lastname@example.org or chat with us by clicking the chat button during our normal operating hours.
Small Business Administration (SBA) Resources
SBA also offers additional Coronavirus relief.