The COVID-19 pandemic has brought about difficult times for many individuals and businesses all over the world, and the United States is no exception. In response, the government has implemented various measures to try and ease the burden, such as the Paycheck Protection Program (PPP). Recently, a new stimulus package PPP loan has been announced, and here’s what you need to know:
The PPP loan is a program that helps small businesses keep their employees on payroll during the COVID-19 crisis. 90 Day Cash Advance Lender. It was initially implemented through the CARES Act back in March 2020 and provided forgivable loans to businesses that met certain requirements. The intention was to give businesses a financial lifeline and prevent widespread job loss due to the pandemic.
The new stimulus package that has been passed as of March 2021 includes several changes to the PPP loan program. Some of the main differences to note include:
If you’ve already received a PPP loan in the past, you can apply for another one as long as you meet certain requirements. If you haven’t received a PPP loan before, you can apply for one now as long as your business meets eligibility requirements. Businesses can apply through an SBA-approved lender, such as a bank or credit union. It’s important to note that applications for the PPP loan are being accepted on a first-come, first-served basis, so it’s important to act quickly if you’re interested.
If your PPP loan is forgiven, it means that you won’t have to pay it back. However, there are certain requirements that you must meet in order to be eligible for forgiveness. For instance, at least 60% of the loan must be used on payroll expenses, and the rest can be used on other eligible expenses such as utilities, rent, and mortgage interest. Additionally, there are certain documentation requirements that you’ll need to meet to prove that you used the funds appropriately. spot me cash app.
The new stimulus package PPP loan is a welcome relief for many small businesses that are struggling during these difficult times. With the extended deadline and additional funding, it’s an opportunity to get financial assistance that can help keep your employees on payroll and your business afloat. Make sure to research the eligibility requirements and application process, and act quickly if you’re interested in applying.