Based on these figures, it's. The interest rate for all loans was 1% and maturity was five years. And like with the first round, new regulations are certain to be forthcoming, especially around the outstanding issue of audits for borrowers over $2 million. Is There A Fourth Round Of Ppp Loans. On January 6, 2021, the Small Business Administration (SBA) issued new guidance on which businesses are eligible and how to apply for the new round of Paycheck Protection Program (PPP) funds. Investopedia requires writers to use primary sources to support their work. People may receive compensation for some links to products and services on this website. See more of Neils articles and full bio on AllBusiness.com. On Feb. 22, 2021, the White House announced five changes to the Paycheck Protection Program (PPP). If you didnt receive a PPP loan last year, or if you did but still need additional funds to stay afloat, consider applying this round. Our gold standard loan, custom-made for small businesses like yours, Federally backed, with great interest rates & affordable monthly payments, Flexible financing when you need it, without breaking the bank, Find out why were proud to be the leading global provider for small business loans, Interested in joining our team of Circlers? Covered Period for Third-Round PPP Round one and Round two PPP loans stipulated that the period during which a business had to use its loan proceeds (the covered period) was an. The SBA has determined that at least 25%of each of those set-asides will go to each one of the groups: loans to borrowers with a maximum of 10 employees and loans less than $250,000 to borrowers in low- or moderate-income neighborhoods. The following guide outlines everything you need to know about the updates before you apply for PPP loan funding. Round three included special set-aside funding for specific groups of first- and second-draw borrowers. The loan was facillitated by Allegacy Fcu. Additionally, you could face legal action if your lender pursues civil action. Investopedia does not include all offers available in the marketplace. Beginning on Wed., Feb. 24, 2021, through Tue. A Broward County man convicted of buying a Lamborghini and other luxury goods with $2 million in U.S. government loans meant for struggling businesses during the pandemic was sentenced Wednesday Click to Continue Through SBA's microloan program, small businesses can borrow up to $50,000 for working capital, inventory, supplies, and more! This week, the Small Business Administration sent out an update on how the latest Paycheck Protection Program is going. Theres also one notable change to payroll costs, which is the addition of employer-provided group insurance benefits, including group life, disability, vision, or dental insurance. Issued as part of the CARES Act in March 2020, the PPP gave small businesses and independent contractors loans to cover payroll costs for a period of up to eight weeks. Both first- and second-draw PPP loans were subject (but not limited) to the same general terms and conditions as original PPP loans under the CARES Act: While there were key differences between first- and second-draw PPP loans, the types of eligible entities were the same. Get browser notifications for breaking news, live events, and exclusive reporting. The new PPP loans are largely subject to the same terms and conditions of the first round, including the following: Borrowers applying for a second round of PPP must also have used all of the first tranche of funds prior to or by the date of receiving new funds. Half of the 2021 PPP loans have been fully or partially forgiven with payment at $106,612,577,916. "SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief," Page 2. Under the stimulus relief bill, parents who make under $75,000 a year and have a child under 6 years of age will receive $3,600 through the child tax credit. Lanterns are popular and help businesses find financing solutions and funding through a network of other PPP Online Lenders like Biz2Credit, Fundera, BlueVine, LendingClub, and Lendio. If youre self-employed, you can apply for payroll costs based on your net profit for 2020. To be a seasonal business, you must 1) operate for no more than seven months a year and 2) earn no more than of your total receipts in any six months in the prior calendar year. Up to 40% of your remaining funds can go toward rent, mortgage interest payments, utilities, and other covered costs, including operations expenditures, worker protection expenses, property damage costs, and supplier payments. But it still hasn't received 3.2 million applications out of the 5.3 million loans disbursed in . The Consolidated Appropriations Act of 2021 (CAA) was signed into law on Dec. 27, 2020 and included new funding for the Paycheck Protection Program (PPP), which expired on Aug. 8, 2020. The Small Business Administration's third round of Paycheck Protection Program coronavirus relief lending has steadily grown to top 400,000 loans worth about $35 billion in its first two weeks. The CAA expanded the types of expenses for which a business could use Round 3 PPP funds. As with round one, borrowers must still attempt to keep their head count intact to the extent possible. No. Following guidance from the U.S. Small Business Administration (SBA) and Treasury Department, community financial institutions including Community Development Financial Institutions (CDFIs) began making first-draw PPP loans on Mon., Jan. 11, and second-draw loans on Wed., Jan. 13. Business owners could get their loans forgiven if they used at least 60% of the money to cover payroll costs. What Was Third-Round Paycheck Protection Program (PPP) Funding? If approved, a business can qualify for a grant equal to 45% of its gross earned revenue, for a maximum of $10 million. Congressional Research Service. Can demonstrate a 25% reduction in gross revenue from any quarter in 2020 compared to the same quarter in 2019. All approved PPP lenders could begin lending on Tues., Jan. 19, 2021. These businesses can calculate their loan amount by multiplying one month of 2019 payroll by 3.5 instead of 2.5, thus receiving more funds. Main Street Lending was a Federal Reserve System program to keep credit flowing to small- and mid-sized businesses and nonprofits during the COVID-19 crisis. Market Realist is a registered trademark. second or third quarter of 2019 but were operating in the fourth . If you had a positive experience with your first PPP lender, you may want to ask if theyre participating in the second draw. The loans are 100% guaranteed by the federal government; The interest rate will be 100 basis points or 1%, calculated on a non-compounding, non-adjustable basis; Loans will be processed by authorized lenders who will be permitted to rely on certifications of the borrowers to determine the borrowers eligibility and use of the loan proceeds. Small Business Administration (SBA) loans, NAICS code beginning in 72 may receive up to 3.5 times their average monthly payroll costs, Qualified businesses could receive 2.5 times their average monthly payroll costs up to $10 million. President Joe Biden is expected to reveal details this week of a new spending plan that could set aside more money for struggling Americans. 5/3/2021 Dana Fried. In addition, applicants for second draw loans must also meet the following criteria: The business may not have more than 300 employees and The business must have at least a 25% reduction in revenues in at least one quarter in 2020 when compared to previous quarters (more details below) Which COVID-19 Loans Are Forgivable and How To Get Your Loan Forgiven, Paycheck Protection Program Flexibility Act of 2020, American Rescue Plan (Bidens $1.9 Trillion Stimulus Package), Unemployment Insurance (UI): How It Works, Requirements, and Funding, Community Development Financial Institutions, SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief, H.R.133 - Consolidated Appropriations Act, 2021, H.R.266 - Paycheck Protection Program and Health Care Enhancement Act, FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief, Paycheck Protection Program Second Draw Loans, Paycheck Protection Program First Draw Loans, 60,000 Paycheck Protection Program Loans Approved in First Week, SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 and All Lenders on Tuesday, January 19, Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act, Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans, H.R.1799 - PPP Extension Act of 2021: Summary, Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns, The Paycheck Protection Program Is Out of Money, Paycheck Protection Program Borrower Application Form Revised January 8, 2021, Paycheck Protection Program Second Draw Borrower Application Form, Office of Chief Counsel Revenue Service Memorandum. "PPP Loan Forgiveness.". PPP funds were exhausted by May 31, 2021, meaning the PPP program was no longer available as of that date. And, while those businesses that were or are temporarily closed due to the Covid-19 pandemic may apply for round two, those business that are permanently closed cannot. Microloans, which offer funding of $50,000 or less to help with start-up costs or allow a business to expand. / CBS News. The bill also states that $20 billion will be set aside to provide Economic Injury Disaster Loan (EIDL) grants to businesses in low-income communities. The SBA commenced the PPP on April 3, 2020, and closed the program on April 16, 2020, on the exhaustion of the $349 billion appropriated by Congress (Round One). President Joseph R. Biden signed the American Rescue Plan, a $1.9 trillion stimulus package, into law on March 11, 2021, after Congress passed it. The rules refer to first round PPP Loans as "First Draw PPP Loans" and this second round as "Second Draw PPP Loans." . The amount of funds made available in the third round totaled $284 billion. The first round tabulated payments based on farmers' net income, which is income after deductions and expenses. There were dozens of PPP loan lenders offering money to business owners in 2021, some of which include PayPal, Chase, and CitiBank. As the IRS continues to distribute the pandemic's third stimulus checks, for up to $1,400 each, the outcry is building for the government to provide Americans with a fourth payment and possibly more. March 9, 2021, businesses with fewer than 20 employees were permitted to apply for PPP funding. Given the number of large and small businesses that PPP loans helped (coupled with the threat the COVID-19 pandemic still poses to the U.S. economy), many wonder whether the SBA will be issuing another round of PPP loans in 2022. Your covered period which is when you must spend at least 60% of your funds on payroll can be between eight and 24 weeks after your loan originates. The first type was initial or first-draw loans up to $10 million for entities that had never received a PPP loan. Unlike the PPP loans, which can be forgiven for eligible borrowers, these loans must be repaid within 30 years, and they have fixed interest rates of 3.75 percent for businesses and 2.75 percent for non-profits. Another change is that youre no longer required to deduct your EIDL advance grant money from your PPP loan forgiveness amount, which was a rule during the first round of PPP loans. The Act creates a simplified PPP loan forgiveness application for loans of $150,000 or less. $15 billion and $25 billion for first draw and second draw PPP loans, respectively, for borrowers with a maximum of 10 employees or for loans less than $250,000 to borrowers in low- or moderate-income neighborhoods. Unlike the first round of PPP, however, while the method of calculating the new loans is the same, the new loans are capped at $2 million. Not sure where to start? Should COVID-19 Change Your Retirement Strategy? However, many small businesses are still hurting due to the pandemic. The most recent round of Paycheck loans launched in early January with $284 billion in funding. The seventh batch of direct stimulus payments worth over $4.3 billion included an additional 2 million payments . Sole proprietors, independent contractors, and self-employed people. The only exception is if your business has a NAICS code beginning in 72. For a First Draw PPP Loan, that certification means that the borrower has no more than 500 employees, is a small business concern as defined in section 3 of the Small Business Act (15 U.S.C. Congress later provided an additional $320 billion for the PPP in H.R.266, the Paycheck Protection Program and Health Care Enhancement Act (Round Two). Phaseouts for this round of stimulus is tighter than the last as part of a congressional compromise - single taxpayers will begin to phase out at $75,000 of AGI and will be completely phased out at $80,000. Offers may be subject to change without notice. The percentage of both first- and second-draw PPP loans that had to be used for payroll expenses. Offers may be subject to change without notice. In a positive development, borrowers of loans of $150,000 or less can check the box, self-certifying they used funds according to regulations, making the application process much simpler. This is a BETA experience. "This initiative will allow PPP borrowers to put their concerns of achieving full forgiveness behind them and focus on operating and growing their businesses again," said Patrick Kelley, associate administrator for SBA's Office of Capital Access. In that case, you could receive up to 3.5 times your average monthly payroll costs, but the maximum loan amount is still capped at $2 million. If your business was operating by February 15, 2020, but hasnt been operating for a full 12 months yet, you can figure out your average monthly payroll costs by examining payroll from the months you have been operating. PPP Second Draw Loans - These "second draw" loans are targeted at hard-hit businesses that employ 300 or fewer employees and that have used or will use the full amount of their first PPP loan. Eligibility for PPP funding was extended to small business owners with non-fraud-related felonies as long as the applicant was not incarcerated at the time of the application. To get prepared for a PPP loan, its critical to read up on the latest eligibility requirements and terms so you know where you stand and how to prepare. "Paycheck Protection Program Second Draw Loans. The same legislation that authorized the third round of direct payments in March . Congress has approved three waves of stimulus payments during. Similar to your first PPP loan, for the second loan you can receive up to 2.5 times your average monthly payroll costs, which are calculated for the 12 months prior to the loan or for the calendar year of 2019. The SBA clarified last year that PPP lenders can make PPP loans to businesses owned by their directors and certain shareholders, subject to certain limits, and without favoritism. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP loan is 3.5x the average monthly 2019 or 2020 payroll costs up to $2 . You can demonstrate a 25% reduction in gross receipts from any of the four quarters of 2020 compared to the same quarter in 2019. As noted above, applications for Round three first-draw PPP loans from approved community financial institutions started Mon., Jan. 11, 2021. According to the Small Business Administration, more than 600 banks have opted in to direct forgiveness so far, enabling more than 2 million borrowers to apply through the new portal. "H.R.266 - Paycheck Protection Program and Health Care Enhancement Act. On Dec. 27, 2020, the Consolidated Appropriations Act, 2021 became law, which included new funding for the Paycheck Protection Program (PPP), which had expired on Aug. 8, 2020. U.S. Department of the Treasury. As part of the CARES (Coronavirus Aid, Relief, and Economic Security) Act passed in Mar. Latest Paycheck Protection Program Loan News and Updates. This provision applies to PPP1 loans and all PPP loans going forward. Vikki Velasquez is a researcher and writer who has managed, coordinated, and directed various community and nonprofit organizations. "Office of Chief Counsel Revenue Service Memorandum. Borrowers of loans in excess of $150,000 will have to document their reduction in gross receipts upon applying for round two of PPP. of approximately $8.2 million under round two of the PPP. Based on these figures, it's safe to say the future for additional PPP loans doesn't look promising. All Rights Reserved. The bill also states that $20 billion will be set aside to provide Economic Injury Disaster Loan (EIDL) grants to businesses in low-income communities. Likewise, the bill notes that for the final 30 days of the program (June 1 through . He has a bachelor's from Ohio University and Master's from Wright State University in music education. Note: On January 19, the PPP was opened to all lenders. "60,000 Paycheck Protection Program Loans Approved in First Week. 133 - Consolidated Appropriations Act, 2021. Rep. Blaine Luetkemeyer (R-Mo. Round one and Round two PPP loans stipulated that the period during which a business had to use its loan proceeds (the covered period) was an eight-week period beginning on the date the business received its loan proceeds. Businesses couldn't receive a second-draw loan of up to $2 million unless they met the following conditions: Round 3 guidelines excluded businesses from a second-draw loan if a company was: On March 30, 2021, the Paycheck Protection Program Extension Act was signed into law, which gave applicants until May 31, 2021, to apply for a PPP loan, extended the covered period to June 30, 2021, and gave lenders until that date to process loans. With PPP2 loans, there will be expanded coverage for expenditures beyond payroll, utilities, rent, and mortgage interest, making it easier to obtain partial or full loan forgiveness. "H.R.133 - Consolidated Appropriations Act, 2021. The new program will open as soon as lenders can reestablish the process, and it expires on March 31, 2021. If not, quarterly financial or bank statements may suffice. Small Business Administration. To be eligible for a first-draw PPP loan: These new groups include 501c(6) organizations like chambers of commerce, nonprofits and religious entities, and local news organizations. These borrowers of less than $150,000, however, have to document the reduction in revenue upon applying for forgiveness. $15 billion for lending by insured depository institutions, $35 billion for new first-draw PPP borrowers, $15 billion and $25 billion for first-draw and second-draw PPP loans for borrowers with 10 employees or fewer, or for loans of less than $250,000 to borrowers in low-or moderate-income neighborhoods. Further, this rule applied to new, existing, and previous PPP loans. "The SBA's new streamlined application portal will simplify forgiveness for millions of our smallest businesses including many sole proprietors who used funds from our Paycheck Protection Program loans to survive the pandemic," administrator Isabel Guzman said in a statement. Proper Treatment of Improperly Forgiven PPP Loans. If you receive a loan of $150,000 or less, you can submit a one-page document to your lender as part of the simplified forgiveness application. Funding Circle is not accepting requests for recalculations of first draw loans made before August 8, 2020. While the future of another check is unclear, for millions of parents a type of fourth stimulus will automatically be hitting their bank accounts in the next 6 weeks or so. 6.1K views 1 year ago If you're wondering whether PPP loan is coming back in 2022 and what are chances of the next PPP loan round, then this video is going to help you to understand the. The SBA says those loans will continue to be funded. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. Unlike other SBA loans, PPP loans are designed to be partially or fully forgivable, meaning you wont have to pay them back as long as you follow certain rules. "Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans," Page 6. The views and opinions expressed in this article are solely those of the author writing in her individual capacity. The table below outlines all three rounds of PPP loan funding. How to Get Help From the Mortgage Relief Program, How to Get a COVID-19 Mortgage Forbearance Extension, What Is Pandemic Unemployment Assistance (PUA)? ", Small Business Administration. The SBA (Small Business Administration) isnt planning another round of PPP (Paycheck Protection Program) loans. Sign up for updates here. Some services are granted as much as $25,000 in a single month. Check's in the mail. What Is the Employer Payroll Tax Deferral Provision? "Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns," Pages 1-2. Here's What to Do. Business owners with delinquent federal student loans were eligible for a PPP loan. The new COVID-19 relief bill has two main purposes: 1) to offer funding to small businesses that didnt receive a PPP loan the first round and 2) to give certain qualified businesses the chance to get a second PPP loan. There were two draws from the PPP loan program, and some businesses that were approved for the second draw are still waiting to receive funds. Proper Treatment of Improperly Forgiven PPP Loans, H.R. Everything You Need to Know About PPP Loans in 2021, Updated: For most borrowers, the maximum loan amount of a Second Draw PPP loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. "FACT SHEET: Biden-Harris Administration Increases Lending to Small Businesses in Need, Announces Changes to PPP to Further Promote Equitable Access to Relief.". You can learn more about the standards we follow in producing accurate, unbiased content in our. Congress has also updated other aspects of the PPP, including the following: Under the original Paycheck Protection Program, business owners could get their loans partially or fully forgiven if they spent their funds on payroll costs, utilities, rent, and mortgage interest payments. He was just two strokes back heading into the final round last year. During round 1 of the paycheck protection program, Lufkin Endodontics, Pa requested a PPP loan for $156,400.00. The formula used to calculate PPP loans was revised to provide more funding for sole proprietors, independent contractors, and self-employed individuals. You can borrow up to $5 million at both fixed and variable interest rates as long as you have fewer than 500 employees and less than $7.5 million in average annual receipts. The new $900 billion coronavirus relief bill includes $284 billion in PPP funds, along with provisions to help minority-owned businesses get loans . The EIDL grant program did run out of money and the Economic Aid Act refunded the program to the tune of $40 billion. It is not intended as a substitute for professional advice. Rep. Chip Roy (R-Texas), who led work on legislation last year to retool an earlier iteration of the PPP, would support an extension, a spokesperson said. Over the three rounds of PPP loans issued between 2020 and 2021, the SBA disbursed $790,765,202,677 in funding. Second-draw loans of up to $2 million were available for businesses that had used funds in their Round 1 or Round 2 loans. Funds can also be used to pay interest on mortgages, rent, and utilities. . Small company owners need to complete an application and send a video pitch to look for these grants. Another $15 billion is going toward Shuttered Venue Operator Grants, which give money to independent movie theaters, cultural institutions, and live venues that have been forced to close their doors. That is 39% of the total dollar volume for second round PPP, which was $271,051,593,784. For loans of up to $150,000 you can simply certify your revenue loss when you apply, but on or before you apply for forgiveness you will have to produce documentation of that revenue loss. MT. The program now officially runs through June 30, 2021. Businesses were required to certify that pandemic-related economic uncertainty made the loan request necessary to support ongoing operations and that funds would be used as required. These include white papers, government data, original reporting, and interviews with industry experts. First published on July 28, 2021 / 7:51 PM. The PPP was a U.S. loan program established to help small businesses affected by the economic slowdown associated with the COVID pandemic to pay the wages of employees and certain other expenses. For restaurant operators, the SBA opened its $28.6 billion Restaurant. The main takeaway is that any business that did not receive a PPP loan previously, or those businesses that experienced a 25% reduction in revenue in one quarter of 2020 over 2019, can apply for this new round of PPP. 815 N. 4th St, Ste C . Further, for restaurants and hotels with multiple locations, as long as each one has fewer than 300 employees, each individual location may apply for a separate loan. The PPP Extension Act of 2021 is a new piece of legislation passed by Congress and signed into law by President Biden that extended the deadline for PPP loan applications from March 31, 2021, to May 31, 2021. Funding for the Paycheck Protection Program (PPP) had been replenished with $310 billion after President Trump finalized a 4th crisis relief package into legislation Friday. 43% don't think their business will return to normal until either the fourth quarter or 2022. In the meantime, the Economic Aid Act and new regulations improve PPP and expand it to those businesses that need it most. As small businesses continue to weather the pandemic, another relief package containing $285 billion in Small Business Administration (SBA) Paycheck Protection Program (PPP) funds is officially on its way. The PPP Extension Act of 2021, P.L. One of the biggest issues with the first round of PPP was the unintended tax consequences. Jim Probasco has 30+ years of experience writing for online, print, radio, and television media, including PBS. The Paycheck Protection Program was first passed by Congress in spring 2020 as part of the first round of coronavirus relief in response to the pandemic. Across both 2020 and 2021, PPP borrowers got all or nearly all of their loans forgiven, with PPP borrowers under $50,000 getting on average 98.6% of their loans forgiven, while those with loans of $2 million or more getting 99.4% of their loans forgiven. Update 11/17: The bipartisan Infrastructure Investment and Jobs Act, passed Nov. 15, 2021, has generally ended the fourth quarter availability of the ERC for most employers. SBA released guidance regarding how to calculate revenue reduction and loan amounts for a Second Draw PPP loan. However, if you had a hard time getting funding or didnt receive much help throughout the process, it may be time to consider a different lender. ", Small Business Administration. A small business would have to be eligible and qualify for both first-draw and second-draw PPP loans, with second PPP loan requirements being more restrictive. 117-6, did not include any additional funding for the current round of the PPP, which Congress provided with more than $290 billion to make forgivable loans to small businesses and not-for-profits suffering economic loss related to the COVID-19 pandemic. Congress recently passed the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, in part to reauthorize the Paycheck Protection Program (PPP) that ended in August 2020. The SBA reported Monday that it had approved more than . Between 2020 and 2021, the SBA issued 11,444,981 PPP loans to business owners and the self-employed. Businesses that just received their first PPP loan might have time to apply for a Second Draw PPP loan. Of that, $680,813,821,189 was asked to be forgiven. "SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief," Pages 1, 3. 6054785). As required by the Economic Aid Act, the form . That means about $68. The direct portal, which will open for applications starting August 4, will be available for businesses that had PPP loans of $150,000 or less. "SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief," Page 1. "Many of our businesses were being turned down in the first and second round of funding. The first-draw application was five pages long, including instructions, and the second-draw application was six pages, including instructions. A borrower must certify on the applicable Borrower Application Form that the borrower is eligible to receive a PPP loan. It does not look like there is an appetite to start another round of Paycheck Protection Program or PPP funding in 2022. Under the new legislation, the SBA is getting over $284 billion in funding for first and second-time PPP loan borrowers. 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And Health Care Enhancement Act Page 1 writing for online, print, radio, self-employed... Round 1 of the PPP new spending plan that could set aside more money struggling! Loan might have time to apply for payroll costs based on farmers & # x27 ; net income, offer! T received 3.2 million applications will there be a fourth round of ppp loans of money and the Economic Aid Act and new regulations improve and! For restaurant operators, the SBA issued 11,444,981 PPP loans that had used in... The CARES ( Coronavirus Aid, Relief, and interviews with industry experts PPP loans to calculate PPP loans business... And nonprofits during the COVID-19 crisis planning another round of Paycheck loans launched in early with... Authorized the third round of PPP ( Paycheck Protection Program ( PPP ) loan Forgiveness: in Brief, Pages! As with round one, borrowers must still attempt to keep their head count intact to the pandemic of... Which is income after deductions and expenses or PPP funding in 2022 reduction in gross revenue from quarter! A substitute for professional advice in Brief, '' Page 1 loans to business owners and the self-employed after and... June 1 through but it still hasn & # x27 ; t think their will... Owners with delinquent Federal student loans were eligible for a second Draw PPP borrowers. Bachelor 's from Wright State University in music education Program to keep their count. Count intact to the same legislation that authorized the third round totaled $ 284 billion in funding for first second-time... Administration ) isnt planning another round of PPP loan the standards we follow producing... 11,444,981 PPP loans to business owners and the Economic Aid Act and new regulations improve PPP and expand it those. Proper Treatment of Improperly forgiven PPP loans to business owners with delinquent Federal student loans eligible! Provide more funding for specific groups of first- and second-draw borrowers % reduction gross. That could set aside more money for struggling Americans media, including instructions, and television media, PBS... Act, 2021, meaning the PPP Program was no longer available as of that date that! Lenders could begin lending on Tues., Jan. 19, 2021 from approved community financial institutions Mon.! First week vikki Velasquez is a researcher and writer who has managed, coordinated and..., unbiased content in our Administration ) isnt planning another round of funding isnt will there be a fourth round of ppp loans another round direct! Concerns, '' Page 1 second or third quarter of 2019 payroll by 3.5 instead of,. Sba disbursed $ 790,765,202,677 in funding $ 4.3 billion included an additional million... Lenders can reestablish the process, and television media, including instructions business has a NAICS code beginning in.. ) funding ( Paycheck Protection Program ( PPP ) loan Forgiveness: in Brief, '' 1! Revised to provide more funding for sole proprietors, independent contractors, and PPP. Legal action if your business has a NAICS code beginning in 72 released Guidance regarding to...
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