The U.S. Small Business Administration has some key changes to the Paycheck Protection Program (PPP) which will be available for a limited amount of time to ensure America’s smallest businesses, including artists and one-person businesses, get exclusive access. If you are a small business owner with fewer than 20 employees or are self-employed; there is new information for you. The deadline is March 9, 2021.
- Saturday, Mar. 6, 2:00 p.m. ET, Veterans, Self-Employed Business Owners, Independent Contractors, Sole Proprietors, and Employers with Fewer than 20 Employees Click here to register.
- New! Saturday, Mar. 6, 4:00 p.m. ET, In Case You Missed It – General Small Business Owners Session, Click here to register. (This session will also be livestreamed on the U.S. Small Business Administration and Public-Private Strategies Institute Facebook pages.)
- Monday, Mar. 8, 3:00 p.m. ET, LGTBQ Business Owners, Youth Entrepreneurs, Restaurant Owners, Click here to register.
*If you missed any of the webinars, the recordings are available here
PPP Revisions to Loan Amount Calculations & Eligibility
The SBA enacted changes as announced in February that expand eligibility and further promote equitable relief for America’s mom-and-pop businesses. For example, Schedule C filers can now use gross income rather than net income when calculating the PPP loan amount. This change cannot be retroactive. Visit www.sba.gov/ppp or talk to your lender for more
*Information above sourced from SBA emails and website for educational purposes only.
Contact your financial institution about PPP
Contact your financial institution to get assistance specific to their process for PPP applications. Many banks have an online application portal for PPP loans that make it easy to apply. Before applying, we encourage you to read all of the info on your bank’s PPP website and collect all of the supporting documentation required to make applying for their loan easier. Currently, clients can apply for a PPP loan first draw and PPP loan 2nd draw. Forgiveness applications for PPP first draw reopened on Friday, March 5. ABC members are encouraged to continue to consult their bank’s PPP website to understand what is required to apply for PPP loan forgiveness which will be sometime in the future.
Need help with PPP applications and funding? Self-employed, sole proprietors and freelancers often don’t think they are qualified for PPP when they are! Get in touch with Pathway Lending to receive support.
ABC members are encouraged to review all of the programs available through the CARES Act on the SBA website that might be helpful to them and consult their tax advisor for questions related to their individual situation. Time is of the essence. Accurate, thorough, and complete applications have the best chance of passing through the bank approval process to the SBA approval processes without a hitch. SBA-approved PPP loans are funded by the SBA through a bank by direct deposit to the borrower’s bank account or by a paper check mailed to the borrower through the US mail. Borrowers may receive their funds much sooner with direct deposit into their established accounts — another reason for members to contact their bank to apply for a PPP loan.