The application window for Paycheck Protection Program (PPP) forgivable loans will open Friday, January 15, for loans issued by smaller lenders and Tuesday, January 19, for loans issued by large banks.
The linked article discusses details of the program. First time PPP borrowers may be eligible for $35 billion of new funding, which is available for businesses that did not participate or returned loans from the first round in 2020. Please note that some organizations not eligible in the first round are now eligible and should apply as a first time borrower.
The second round is available for those that borrowed in the first round and also have suffered a 25% reduction in gross receipts between comparable quarters 2019 to 2020. Additional requirements apply.
The program has a total of $284.5 billion in new funding available for loans. If you received a loan earlier and feel you may qualify for a second draw, contact the bank used for the first round to expedite your application. For first time borrowers, contact your business bank to see if they will be able to assist you.
Please click on the link below to read an article from The Journal of Accountanc y for more details on the new funding. As always, if you have questions please call our office at 828-327-2727.
Sources: Journal of Accountancy