Beginning today, Jan. 11, small businesses who have not received emergency loans through the Paycheck Protection Program (PPP), can apply for loans, according to a news release from Rep. Van Taylor.
Business who have previously received PPP funding who qualify can apply for additional funds beginning Wednesday, Jan. 13.
The following updates have been made to the PPP since it was first launched last year. To best meet their needs, borrowers can now set their covered period to be any length between eight and 24 weeks. Loans will cover additional expenses, including operation expenditures, property damage costs, suppler costs and worker protection expenditures.
Organizations who were previous ineligible such as 501(c)(6)s, housing cooperatives and direct marketing organizations may now apply. Employers may now deduct PPP related business expenses.
Borrowers who have already received PPP loans may apply if the full amount of previously received loans have been expended for authorized uses; have no more than 300 employees; and demonstrate at least 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
For more information about the PPP, please visit the Small Business Association website at sba.gov.
From Staff Reports • [email protected]