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Paycheck Protection Program. An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. PPP loan forgiveness.
- PPP Loan Forgiveness
Borrowers may be eligible for Paycheck Protection Program...
- First Draw PPP Loan
PPP is a loan designed to provide a direct incentive for...
- Get Help With a PPP Loan
SBA offers free counseling and training events to help you...
- PPP Lender Information
On February 22, 2021, President Biden announced the...
- PPP Data
PPP data. Find data and reports related to the Paycheck...
- PPP Loan Forgiveness
The Paycheck Protection Program prioritizes millions of Americans employed by small businesses by authorizing up to $659 billion toward job retention and certain other expenses.
The Paycheck Protection Program (PPP) is a $953-billion business loan program established by the United States federal government during the Trump administration in 2020 through the Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations ...
- Changes to The PPP Program Announced by The Biden Administration
- First-Draw vs. Second-Draw Loans
- PPP third-round General Terms and Conditions
- PPP third-round Eligible Entities
- Additional Second-Draw Requirements
- Second-Draw Borrower Exclusions
- Required Certifications For PPP Loans
- Special New Set-Aside Funding
- Application Dates For A third-round PPP Loan
- Third-round PPP Application Deadline
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On Feb. 22, 2021, the White House announced five changes to the Paycheck Protection Program (PPP). One change had a set term of two weeks.The other four would be effective until at least the end of March 2021. These changes were designed to make PPP funds available to very small businesses and others that had been inadequately helped by the program...
The CAA provided for two types of round three PPP loans. The first type was initial or first-draw loans up to $10 million for entities that had never received a PPP loan. The second type was second-draw loans of up to $2 million for entities that had received PPP loans. Following guidance from the U.S. Small Business Administration (SBA) and Treasu...
Both first- and second-draw PPP loans were subject (but not limited) to the same general terms and conditions as original PPP loans under the CARES Act: 1. Loans were 100% guaranteed by the government. 2. No collateral was required. 3. No personal guarantees were required. 4. The interest rate for all loans was 1% and maturity was five years.
While there were key differences between first- and second-draw PPP loans, the types of eligible entities were the same. 1. Small businesses with 500 or fewer employees (300 or fewer for second-draw loans) 2. Businesses categorized as "Accommodation or Food Services" such as restaurants and hotels with 500 or fewer employees per location (300 or fe...
Second-draw PPP loans had some restrictions that first-draw loans didn't have. Businesses couldn't receive a second-draw loan of up to $2 million unless they met the following conditions: 1. They had received and used (or expected to use) all proceeds from the first-draw loan by the time they received (or expected to receive) the second-draw loan p...
Round 3 guidelines excluded businesses from a second-draw loan if a company was: 1. Permanently closed 2. Ineligible under existing SBA regulations 3. Primarily engaged in lobbying or other political activities 4. Owned by an entity created in, or with significant operations in, the People's Republic of China or the Special Administrative Region of...
Businesses were required to certify that pandemic-related economic uncertainty made the loan request necessary to support ongoing operations and that funds would be used as required. This included using no more than 40% for non-payroll costs. This requirement applied to both first- and second-draw PPP loans.
Round three included special set-aside funding for specific groups of first- and second-draw borrowers. 1. $15 billion for lending by community financial institutions 2. $15 billion for lending by insured depository institutions, credit unions, and farm credit systeminstitutions with consolidated assets of less than $10 billion 3. $35 billion for n...
As noted above, applications for Round three first-draw PPP loans from approved community financial institutions started Mon., Jan. 11, 2021. Second-draw applications began on Wed., Jan. 13. That was followed by first- and second-draw loans from small lenders with less than $1 billion in assets on Fri., Jan. 15, 2021. All SBA 7(a) lenders were appr...
The Consolidated Appropriations Act, 2021 extended the Paycheck Protection Program through March 31, 2021 or until funds ran out. Congress extended the Paycheck Protection Program's application deadline through May 31, 2021.Once the PPP funds were exhausted by May 31, 2021, the PPP program was no longer available. The amount of funds made available...
PPP was a U.S. loan program to help small businesses affected by the COVID pandemic pay wages and expenses. The third round of PPP funding expired on May 31, 2021, after three rounds of $284 billion in total. Learn about the eligibility, terms, and changes of the PPP program.
- Jim Probasco
Mar 1, 2021 · A significant change for 2020 made by the Relief Act permits eligible employers that received a Paycheck Protection Program (PPP) loan to claim the employee retention credit, although the same wages cannot be counted both for seeking forgiveness of the PPP loan and calculating the employee retention credit.
PAYCHECK PROTECTION PROGRAM (PPP) INFORMATION SHEET: BORROWERS . The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: .
