Updated: Jan 19
From Hello Alice:
The Consolidated Appropriations Act extends a plethora of additional benefits and clarifies existing ones from the first round. Our biggest takeaways for small business owners include the following:
The Act permits new and repeat borrowers to receive a PPP loan if they meet eligibility requirements.
Repeat borrowers must have used the full amount of their initial PPP loan.
There are increased maximum loan amounts for seasonal employers, new entities, businesses with more than one physical location, and accommodation and food service businesses. Learn more about this in the Guide steps to come.
Membership-based nonprofits (classified as 501(c)(6)) will have expanded eligibility to PPP loans. These businesses include business leagues, chambers of commerce, real-estate boards, boards of trade, or professional football leagues not organized for profit.
PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
Borrowers in bankruptcy are now permitted to apply for a PPP loan.
Borrowers can select their covered period, as short as 8-weeks and as long as 24-weeks.
Borrowers who received funds during the first round will now only have to submit a one-page application for forgiveness.
If you’re ready to apply, Hello Alice is proud to partner with Lendio, a marketplace that provides a concierge-like service to help you get the right loan from the right lender — all completely free of borrower fees. Full disclosure: As a partner of Lendio, Hello Alice may earn a small commission from any financial solutions you sign up for via https://www.lendio.com/covid-relief/sba-paycheck-protection-program-loans/
Contact your local lender or preferred online lender to start the process. You can download/preview the application here https://www.sba.gov/document/sba-form-2483-sd-ppp-second-draw-borrower-application-form
(PFCCAG does not endorse nor recommend any particular lender.)