Mostsmall businessesshould be able to qualify for the Paycheck Protection Program. If your business is based in the U.S.,has 500 employees or less,and if your business is financially affected by COVID-19,you should be eligible for the PPP loan.
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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.
How many rounds of PPP loans are there?
The table below outlines all three rounds of PPP loan funding. The Whitehouse announced, Feb. 22, 2021, five changes to the Paycheck Protection Program, one with a set term of two weeks, the other four effective until at least the end of March 2021.