New Stimulus Ppp Loan Qualifications

Like stimulus checks and increased unemployment benefits the ppp is one of the economic lifelines federal stimulus laws have created to help families and businesses weather the economic storms the pandemic has caused.

New stimulus ppp loan qualifications. 2 0 makes other changes too including to eligibility and to limits for some loan sizes. Specifically previous ppp recipients may apply for another loan of up to 2 million provided they. Ppp loans will cover additional expenses including operations expenditures property damage costs supplier costs and worker protection expenditures.

Have 300 or fewer employees. The sba is phasing in larger banks over the next week. Do any of the calculation choices from ppp1 0 effect decisions for ppp2 0 such as using payroll only and 24 week period for ppp1 0 while then opting for 8 or 24 week period and rent utilities.

To qualify for a second draw loan a small business must certify that they have had a loss of revenue of 25 or greater. To qualify for a second loan small businesses must have fewer than 300 employees down from the previous requirement of fewer than 500 have already used their first ppp loan and show a 25. The loan amount however cannot exceed 2 million.

The program s eligibility is expanded to include 501 c 6 s housing cooperatives destination marketing organizations among other types of organizations. Ppp2 loans will be available to first time qualified borrowers and for the first time to businesses that previously received a ppp loan. Those same lenders will be able to offer new loans to companies that previously received ppp loans starting two days later on wednesday jan.

Here s what you need to know. Faq clarifies that to qualify for a ppp loan you must have 500 or fewer total employees full and part time. Those in the restaurant industry can get.

If ppp 2 0 is separate loan rather than 2nd draw on first loan will we likely remain below the new 150k limit for simplified foregiveness. New entities can qualify for ppp loans based on their average monthly payroll costs multiplied by 2 5. Forgiveness however depends on the number of full time.