who is qualified for ppp loan

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To help you determine your eligibility, below is a list of more than 150 occupations that can obtain funding through the SBA鈥檚 PPP loan program. The people who qualify include:small business owners, self-employed individuals, sole proprietors, those who operate non-profits, contractors and freelancers.

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  • Do you qualify for a PPP loan?

  • You will need to have run payroll in 2019 or 2020 to qualify for the PPP. Faith-based organizations should also consult the SBA鈥檚 guidance on eligibility. On January 6, 2021, the SBA released two sets of guidance: one for first draw PPP loans and another for second draw PPP loans.

  • How can I get a PPP loan in 2021?

  • Only go through approved lenders or the SBA. The Consolidated Appropriations Act, 2021 (CAA) extended the Paycheck Protection Program (PPP) through March 31, 2021, or until funds are depleted. The amount of funds made available was $284 billion.

  • Do restaurants qualify for the PPP loan?

  • Restaurants and hospitality businesses may qualify if they have 500 or fewer employees per location. Details on the size standards and exceptions are on the SBA website. An important factor to consider when applying for the PPP Loan is that your business must be in Good Standing.

  • Who is eligible for a paycheck protection program loan?

  • Business owners with delinquent federal student loans were eligible for a PPP loan. Non-citizens who were lawful U.S. residents were also eligible and allowed to use their Individual Taxpayer Identification Numbers (ITINs) to apply.

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