The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. The PPP is designed to help small businesses — 500 employees or fewer – retain employees. Most businesses that did receive PPP loans have begun to apply for forgiveness. You also may email the SBA at answerdesk@sba.gov or reach SBA representatives by phone at 800-827-5722. The program officially runs out on June 30, 2020. The application portal closed to small business owners at 11:59 p.m. Tuesday, the original deadline to apply for the program. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. As … A 2018 report from Florida International University shows that in Miami-Dade alone, there were almost 55,000 firms with fewer than five employees. The Administration’s view was taking the tax deductions would be “double dipping” on top of the grant. 2:00PM EDT 6/15/2020 Sutton Turner. But … How is the covered period defined under PPP-2? See more of Neil’s articles and full bio on AllBusiness.com. PPP funds are still available -- if you know how to apply. To help your business in this challenging time the U.S government has stepped up for their small business owner community. Road to Recovery (Source: NBC12) June 22, 2020 at 3:59 PM EDT - Updated June 22 at 3:59 PM . The business community was up in arms about this adverse tax consequence, which is now corrected. Thursday, August 6, 2020 ... (PPP) loans, is Aug. 8 and there is still money left in the pot. Funds Are Still Available and There’s Still Time to Apply for a PPP Loan . No. PPP Funds Are Still Available, Apply Today! The deadline to apply for a Paycheck Protection Program (PPP) loan is fast approaching. All Rights Reserved, This is a BETA experience. “The issue we’ve seen is many applications from this group have been incomplete, causing a request for additional information or clarification which slows the process.“, Shane Canfield is a Hollywood-based professional driver who drives mostly for limousine companies and fills in with Uber or Lyft gigs. This opportunity will end soon! Funds earmarked for “very small” businesses and lending through community-based lenders like Community Development Financial Institutions (DDFIs) and Minority Depository Institutions (MDIs). On October 8, 2020, the SBA along with the Treasury Department issued new guidance allowing borrowers with PPP loans of $50,000 or less to self-certify they used the money appropriately and receive complete forgiveness. Demand for the forgivable, low-interest loans through the Paycheck Protection Program remains intense, especially once the money started flowing again on … “We haven’t seen any different treatment towards sole [proprietors] and self-employed individuals,” he said in an email. The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. Absolutely! The SBA has 90 days to approve the application or request more information from the borrower. How are PPP-2 funds restricted? “For First Horizon, I received the loan documents the same day and the money was deposited the day after,” Kaplan said in an email. Many interested parties will be monitoring this litigation closely. PPP-2 funds must be used on payroll costs and other qualifying expenses. For most businesses that means documenting payroll through reports most payroll companies provide expressly for this purpose and receipts for expenses. Furthermore, many of the small businesses that needed PPP loans and were eligible to receive them have claimed that money already. Own your business? PPP-2 funds must be used on payroll costs and other qualifying expenses. Funding for the PPP program ran out the previous week, as a swell of small businesses (and some not-so-small businesses) applied and received funding. Show a gross revenue decline in any quarter of 25% over the prior year’s quarter. First Time PPP Borrowers. Might it be extended beyond August 8? You do not need to take any action based on the updated guidance in the new SBA FAQs dated April 23, 2020. Initially, these interested parties sought “check the box” forgiveness at $1 million or in the $250,000 to $500,000 range. You may opt-out by. You can check with your bank to see if it participates in the program or find one through the SBA's website. Can I use all of the loan funds for payroll and how will this impact forgiveness? PPP Funds Still Available yet Applications Slowing Down. On Friday, the administration signed a supplemental bill to the CARES Act, which provides federal funding to several programs including the Paycheck Protection Plan (PPP) for small businesses. PPP loan funds still available, borrowers can use simplified loan forgiveness application. There’s still PPP funding left for small businesses — and now funds can be used for 6 months Neil Hare is an attorney and President of Global Vision Communications, where he specializes in small business policy, advocacy, and communications campaigns; follow him on Twitter @nehare and on LinkedIn. What happens if you applied for a PPP loan based on the version of the PPP Interim Final Rule published on April 2, 2020? A total of $325 billion is available. That figure excludes the estimated 55 million “gig workers” — contract employees who file 1099 tax forms — who are also eligible for PPP loans. The effort comes as the PPP funding is in limbo. The small business Paycheck Protection Program (PPP) still has $120 billion available as the appetite for the forgivable loans slows down, according to SBA data. The Intercept found that major donors to President Donald Trump’s reelection campaign scored large sums. The procedure argument is based on the fact that the SBA did not publish the new forms with time for comment. “Had I gone to a community bank the first time, I don’t think I would have had that [initially frustrating] experience,” Popper said. Additional loans are available up to $2 million each, for previous PPP recipients, provided they meet these 3 criteria: Have no more than 300 employees. PPP funds are still available, according to Politco. “Had I gone to a community bank the first time, I don’t think I would have had that [initially frustrating] experience,” Popper said. “I’m current on [my bills] for now,” he said. First Horizon Bank, a Tennessee-based bank with a branch in Key Largo, responded immediately. Billions In PPP Loans Still Available But ... (PPP) loans, is Aug. 8 and there is still money ... than $110 billion remains in the national fund. Find an online lender that’s still accepting PPP loan applications. Still, if you are able to secure one, an EIDL can serve as a good resource to use in conjunction with a PPP loan. There’s still PPP funding left for small businesses — and now funds can be used for 6 months. Funding for the PPP program ran out the previous week, as a swell of small businesses (and some not-so-small businesses) applied and received funding. The SBA all along has stated that these borrowers will be subject to an audit. Small Business Administration The Paycheck Protection Program provides small businesses with funds for payroll costs and utilities.. More than $100 Billion in PPP funds are still available. The Paycheck Protection Program (PPP) is closed again. About 40.8% of the funds remained available as of Wednesday evening. We will submit completed applications until funds are no longer available and continue to provide additional help to our small business customers during these unprecedented times in the form of fee waivers, payment deferrals and other efforts.”. The PPP is still the best stimulus option for small-business owners to keep their employees on payroll. There’s still PPP funding left for small businesses — and now funds can be used for 6 months Here's a look at recent changes to the federal Paycheck Protection Program, and some updates on a couple other small business aid programs. When PPP loans first became available, many businesses clamored for them, and much of the program's funds were disbursed in April and May. Friday, a Wells Fargo representative emailed the following statement: “Since the second round of funds became available for the Paycheck Protection Program, Wells Fargo has submitted more than 100,000 applications to the SBA and we continue to process tens of thousands more in support of our small business customers. The Small Business Administration has already distributed 5.2 million PPP loans worth more than $525 billion. This is the third time since its inception. Below are online lenders and connection services offering loans through the SBA Paycheck Protection Program. Borrowers are still required to spend at least 60% of the funds on payroll to receive full forgiveness. If businesses use the funds according to the regulations, which include spending at least 60% on payroll to keep people employed and the additional funds on rent, utilities, mortgage payments, and interest on existing debt, they can apply for forgiveness and have the loan convert into a grant that does not need to be repaid. In addition to the first stimulus package, a second $484 billion funding bill – mostly aimed at replenishing funds for the PPP program – was passed by the House in late April. According to the Small Business Administration, more than 1.6 million small businesses have received PPP funding so far. Now that the SBA says PPP funding is still available, Rogge said the bank is going to start reaching out to customers and letting them know they can still take advantage of the program. Christopher A. Meccariello, Chief Operating Officer of Innovative Financing Solutions, a consultancy that works with lenders on government spending programs, said one issue may be the documentation required. The initial April 3 launch was messy, rushed, and capped off with controversy. They can use portions of PPP money for rent, mortgage interest and insurance. In addition to the tax fix, the new bill provides the following aid to small businesses: The PPP program closed on August 8, 2020, after approximately 5.2 million businesses applied for and received the loans. Previous Recipients. There are relief options available for your business, but these are first-come, first-serve and the window is closing fast. This opportunity will end soon! Opinions expressed by Forbes Contributors are their own. At the borrower’s choice, any time frame between eight and 24 weeks from the date of funding. But, on October 26, 2020, the SBA issued a draft Form 3509 requiring borrowers to document their economic uncertainty at the time they applied for the PPP loans. The Associated General Contractors of America filed a lawsuit against the SBA and the Office of Management and Budget on December 8, 2020, arguing that these new forms and disclosures are both procedurally wrong and a violation of due process. The Trump Administration position to date, largely led by Treasury Secretary Steven Mnuchin, was that businesses could not deduct the expenses paid for with PPP funds as they ordinarily would because the loan is forgivable and not taxable income. Both parties in Congress have already signaled they intend to … The process includes applying through the lender who provided the loan and supplying documentation that the funds were used appropriately. Small Business Administration The Paycheck Protection Program provides small businesses with funds for payroll costs and utilities.. More than $100 Billion in PPP funds are still available. Because he keeps precise banking and tax records, he was able to apply for both the PPP program as well as the SBA’s Economic Injury Disaster Loan program — though he has not been approved. At last count, about $120 billion in PPP funding remains. Kaplan appplied for a PPP loan shortly after the loans became available in April for the legal practice she has owned since the late 1970s. During the first round of the PPP, lenders approved about $342.28 billion in funding across 1.66 million loans. And a majority of these loans have been processed by lenders with less than $50 billion in assets. In the first round of the PPP program, he said, 72% of loans went to microbusinesses — those with fewer than 10 employees — while 57% went to businesses with fewer than five employees. Can I use all of the loan funds for payroll and how will this impact forgiveness? Funds Are Still Available and There’s Still Time to Apply for a PPP Loan . On the initial applications, all borrowers had to attest that “the current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Ordinarily, with SBA loan applications borrowers must show they do not have sufficient liquidity or credit elsewhere, and thus the loan is necessary. The recent passage of the Paycheck Protection Flexibility Act allows small businesses to use funds up to 24-weeks and have the option of extending the life of the loan from two years to five. (Unsplash) On March 19, I began to pray for the inclusion of Christian organizations in the bill as it made its way through the Senate. The surprise move by senators means the funds for small businesses will now be available until Aug. 8. When the … About 40.8% of the funds remained available as of Wednesday evening. by Ty Kiisel October 20, 2020. Business Financing ... and applying would be a waste of time because all the PPP funds would be gone by now, it looks like you could be wrong—it looks like there’s still time to apply for a PPP loan. $132 Billion in PPP Funding Still Available; New Report Shows Scant Details On Race in Loan Info. She’s been able to keep paying her single employee thanks to trickle of ongoing work. Find an online lender that’s still accepting PPP loan applications. NFIB is advocating for Congress to pass a second round of PPP loans for small businesses and we are hoping to have some clarity on the availability of these funds soon. The SBA justified this easing of requirements as the majority of PPP loans were less than $50,000. Road to Recovery (Source: NBC12) June 22, 2020 at 3:59 PM EDT - Updated June 22 at 3:59 PM . PPP-2 borrowing is capped at $2 million. After weeks without an answer, he turned to a Fort Lauderdale branch of Brickell-based Pacific National Bank. 2:00PM EDT 6/15/2020 Sutton Turner. Right away, he was connected to a personal banker “who was always available,” and within days had received his loan-closing documents. The first time was when it ran out of its $349 allocation; an interim stimulus bill gave it another $310 billion (with $30 billion set aside for small lenders and $30 billion for midsize lenders to help ensure that more rural, women-owned and minority-owned small businesses get loans). But among other drivers, he said, “I’m like one in 10.”. Duplicate applications may cause delay or result in no funding. If you haven’t applied for PPP, there’s still time but you need to act fast. PPP funds still available for businesses affected by COVID-19. I f you already applied and received confirmation from your lender, do not reapply without contacting your lender first. Below are online lenders and connection services offering loans through the SBA Paycheck Protection Program. Used up all prior funds. AllBusiness.com is one of the world’s largest online resources for small businesses, providing essential tools and resources to start, grow, and manage your business. During the first round of the PPP, lenders approved about $342.28 billion in funding across 1.66 million loans. The recent passage of the Paycheck Protection Flexibility Act allows small businesses to use funds up to 24-weeks and have the option of extending the life of the loan from two years to five. PPP Funds Are Still Available In a nutshell, the PPP’s latest iteration offers forgivable loans to eligible small businesses who use what they borrow for payroll and other qualifying expenses like rent during the 24 weeks after they receive the loan. But, today the funds still … We recommend applying as soon as possible, since funds are available on a first-come, first-served basis. The federal Bureau of Labor Statistics estimates some 10 million Americans categorized as self-employed. Show full articles without "Continue Reading" button for {0} hours. There are relief options available for your business, but these are first-come, first-serve and the window is closing fast. The lesson: Sole proprietors who own businesses and still need funds, should still apply — but with a local bank, though opening a new account may be required. Posted June 3rd, 2020 by Alan Deckard & filed under SBA Loans . ... a $120 billion restaurant revitalization fund, in addition to PPP. “In order to submit as many applications to the SBA as quickly as possible from our existing pipeline before the $310 billion in funding runs out, we will no longer accept new applications. According to the SBA, there are 3.57 million outstanding PPP loans of $50,000 or less out of the 5.2 million issued, totaling approximately $62 billion of the $525 billion in PPP loans. The bill also addressed what was probably the biggest outstanding issue with PPP: the deductibility of expenses paid for with the forgivable loan. COVID-19 relief funds still available. The new form would require disclosures such as gross revenue, cash on hand, dividends and distributions, outstanding debt, and compensation of highly paid owners and employees. The relaunch occurred on May 11, allowing more small merchants to take advantage. Businesses that are still struggling may be able to … Posted on May 26, 2020 When the first round of forgivable Paycheck Protection Program (PPP) loans became available April 3, the funds ran out within days. Are PPP funds still available? According to the SBA, there are 3.57 million outstanding PPP loans of $50,000 or less out of the 5.2 million issued, totaling approximately $62 billion of the $525 billion in PPP loans. As such, we may find that a … Connect with friends faster than ever with the new Facebook app. And, as has occurred all along, we can expect new and evolving regulations, likely in the very near future. RELATED: SBA Easing Forgiveness of Paycheck Protection Program Loans of $50,000 or Less. The PPP Loan Deadline Gets a Last-Minute Extension with $130 Billion Still Unclaimed A last-minute extension means small businesses have until Aug. 8 to apply for Paycheck Protection Program funds. The process for sole proprietorships wasn’t even defined until April 14, 11 days after the first round of PPP funds became available. The picture has brightened since Congress approved a second round of PPP funding April 27. Borrowers can use new SBA Form 3508EZ for their application or wait for their lender to update their online application portals. In addition, it allows businesses a second chance at PPP money if they can show losses of 25% or higher in 2020 over their 2019 revenue. PPP funds still available for businesses affected by COVID-19. Data released by the Small Business Adminstration show that through May 1, the largest number — 1.6 million — of PPP loans awarded in the program’s second round have been for amounts less than $50,000 — meaning most went to self-employed workers. What is the maximum loan amount available? What is the maximum loan amount available? Examples include: Hotels and restaurant chains — no matter their size — remain eligible for PPP loans. While his $104,000 PPP loan request with Bank of America could still come through in Round 2, he is increasingly distressed by what the lack of relief funding is … There’s about $120B i n PPP money left. by Ty Kiisel October 20, 2020. Business Financing ... and applying would be a waste of time because all the PPP funds would be gone by now, it looks like you could be wrong—it looks like there’s still time to apply for a PPP loan. PPP-2 borrowing is capped at $2 million. If you haven’t applied for PPP, there’s still time but you need to act fast. EY & Citi On The Importance Of Resilience And Innovation, Impact 50: Investors Seeking Profit — And Pushing For Change, Michigan Economic Development Corporation With Forbes Insights, Why It's More Important Than Ever To Protect Your Employee's Mental Health (And How To Do It), PPP Loans Part 2—What Small Businesses Need To Know, An Entrepreneur Finds His Pandemic Silver Lining: Buying An Eco-Friendly Franchise While Helping His Community, The Midnight Covid-19 Relief Package: 3 Provisions That Are Important For Small Business, 5 Customer Service And Customer Experience Flaws That Are Losing You Customers, What Small Businesses Can Learn From Serial Entrepreneurs. While no exact data is available on the number of business owners like Popper who pay themselves as employees, South Florida’s tri-county region is likely home to more than 100,000 of them. ... That change to extend the period in which the funds can be used was the main provision of the new law, ... That means money is still available for business owners through the end of this month, when the program’s applications end. While he waits for the funds, he’s been getting by on unemployment payments and the $1,200 federal stimulus check. According to the BLS, the largest segment of self-employed workers work in personal-care positions, like Popper. On Friday, the administration signed a supplemental bill to the CARES Act, which provides federal funding to several programs including the Paycheck Protection Plan (PPP) for small businesses. No. Are PPP funds still available? Big banks say they have no bias against the self-employed. Like us on Facebook to see similar stories, California Gov. NFIB is advocating for Congress to pass a second round of PPP loans for small businesses and we are hoping to have some clarity on the availability of these funds soon. Those numbers proved too ambitious and the SBA settled on the $50,000 level. At the borrower’s choice, any time frame between eight and 24 weeks from the date of funding. There’s a saying here in … A lot of money is still available to faith-based organizations through June 30. The PPP is designed to help small businesses — 500 employees or fewer – retain employees. A New York Times investigation revealed that more than 200 publicly traded companies received over $750 million in loans. But bigger players, including publicly traded companies, can still access the PPP funds. At first, Dr. David Popper swung and missed. Now heading into seemingly another period of lock downs and restrictions, along with the passage of this new relief package, the SBA will be hard pressed to find businesses undeserving of PPP loans and subsequent forgiveness. This includes $9 billion in U.S. Treasury capital investments in CDFIs and MDIs and $3 billion for the CDFI fund to support low income and underserved communities. Distributed by Tribune Content Agency, LLC. While this latest Interim Final Rule addressing the PPP loans still required borrowers to provide documentation, such as a payroll provider report, it offers a new, simplified form and a “check the box” process for forgiveness. He described applying for a PPP loan as an independent contractor “a full-time job.”. There’s still money left in the PPP program — so if you haven’t applied yet, go for it. Generally, borrowers are eligible for PPP loan forgiveness if they apply at least 60% of the proceeds to payroll. The PPP is still the best stimulus option for small-business owners to keep their employees on payroll. After months of partisan wrangling, on December 20, 2020, Congressional negotiators finally agreed on a new $900 billion Covid relief package, which includes an additional $284 billion for the Paycheck Protection Program (PPP) for small businesses, created under the original Coronavirus Aid, Relief, and Economic Security Act (or CARES Act) in March. Talk with your Lurie advisor for your specific … The demand for funds shows how necessary the initiative is … A lot of money is still available to faith-based organizations through June 30. The Four Ways They Find Problems Worth Solving, Trump Signs Stimulus Bill; ‘PPP Second Draw’ Provides A Shot In The Arm For Small Business Owners, Trump Finally Signs The Relief Act—10 Important Things You Need To Know, The Best Laptops Of 2020…And Other Small Business Tech News, The 7 Worst Customer Service No No’s When A Customer’s Upset, Funds for businesses that received the first round of PPP funds but can qualify for another bite at the apple if they can show significant losses in 2020 over 2019, Funds earmarked for non-profits and news outlets that weren’t eligible in the first round, $15 billion for live venues, independent movie theaters, and cultural institutions, $20 billion for targeted grants through the Economic Injury Disaster Loan program through the Small Business Administration (SBA), Tax deductions for business meal expenses. June 9, 2020. The Paycheck Protection Program and Economic Injury Disaster Loan program funds are no longer available. And more good news: there is more than $130 billion in PPP funds still available for small businesses, independent contractors, nonprofits and tribal businesses. The other 40% may be used on eligible costs. In an email, a spokesman for Citibank said it had approved more than 92% of all applications from sole proprietorships. There’s still PPP funding left for small businesses — and now funds can be used for 6 months. As soon as the Paycheck Protection Program began accepting applications, the longtime Broward County optometrist tried applying through one of the country’s largest lenders for a loan to keep his practice — and its 15 employees — in cash. Now that the SBA says PPP funding is still available, Rogge said the bank is going to start reaching out to customers and letting them know they can still take advantage of the program. Microsoft may earn an Affiliate Commission if you purchase something through recommended links in this article. April 14, 11 days after the first round of PPP funds became available. Absolutely! Loans through the PPP are only available through SBA-approved lenders. Businesses that received loans in excess of $2 million are not so lucky. While the new relief package is surely welcomed by small businesses and is much needed, it remains to be seen if the money will go to the small businesses that truly need it to survive or the same well-equipped, larger businesses will lap up the funds. Are PPP funds still available? PPP funds disappeared in as little as 2 weeks when first released. This new package provides additional funding for those businesses that did not receive PPP money in the first round, especially minority- and women-owned businesses. the largest number — 1.6 million — of PPP loans. (Unsplash) On March 19, I began to pray for the inclusion of Christian organizations in the bill as it made its way through the Senate. There’s still time to apply for the Paycheck Protection Program (PPP) but the deadline is Aug. 8. PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll. Billions In PPP Loans Still Available But Applications Are Due By Saturday . estimates some 10 million Americans categorized as self-employed, t 55,000 firms with fewer than five employees. Notably, due to confusion and concern around the program, approximately $130 billion dollars in funds were left unused at the August closing. We recommend applying as soon as possible, since funds are available on a first-come, first-served basis. Through Monday afternoon, the Small Business Administration says the PPP loan program has approved more than 4.6 million loans nationwide. “A lot of friends and colleagues got money in the first round because of community banks.”. We know there are more people who can benefit from this forgivable loan program. Visit Miami Herald at www.miamiherald.com. But at this point, many of the companies that received PPP loans have exhausted those funds, and with the economy still … This article was originally published on AllBusiness.com. PPP funds are still available, according to Politco. After months of partisan wrangling, Congress has finally agreed on a new $900 billion Covid relief ... [+] package. Billion Covid relief... [ + ] package for comment the borrower ’ s still PPP funding left small... Available -- if you purchase something through recommended links in this article ) is closed.. She ’ s still time to apply for a PPP loan forgiveness they... Application portal closed to small business Administration, more than 1.6 million of. Are eligible for PPP, there ’ s choice, any time frame between eight and 24 weeks the! 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