“I’m current on [my bills] for now,” he said. That figure excludes the estimated 55 million “gig workers” — contract employees who file 1099 tax forms — who are also eligible for PPP loans. At the borrower’s choice, any time frame between eight and 24 weeks from the date of funding. He described applying for a PPP loan as an independent contractor “a full-time job.”. A New York Times investigation revealed that more than 200 publicly traded companies received over $750 million in loans. When PPP loans first became available, many businesses clamored for them, and much of the program's funds were disbursed in April and May. 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. © 2020 Forbes Media LLC. There’s still time to apply for the Paycheck Protection Program (PPP) but the deadline is Aug. 8. The bill also addressed what was probably the biggest outstanding issue with PPP: the deductibility of expenses paid for with the forgivable loan. Examples include: Hotels and restaurant chains — no matter their size — remain eligible for PPP loans. “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. I f you already applied and received confirmation from your lender, do not reapply without contacting your lender first. At the borrower’s choice, any time frame between eight and 24 weeks from the date of funding. 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. Businesses that received loans in excess of $2 million are not so lucky. 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. All Rights Reserved, This is a BETA experience. The other 40% may be used on eligible costs. The SBA all along has stated that these borrowers will be subject to an audit. What is the maximum loan amount available? Below are online lenders and connection services offering loans through the SBA Paycheck Protection Program. And, as has occurred all along, we can expect new and evolving regulations, likely in the very near future. 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. 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. 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. Show a gross revenue decline in any quarter of 25% over the prior year’s quarter. Absolutely! According to the Small Business Administration, more than 1.6 million small businesses have received PPP funding so far. What happens if you applied for a PPP loan based on the version of the PPP Interim Final Rule published on April 2, 2020? 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 effort comes as the PPP funding is in limbo. A lot of money is still available to faith-based organizations through June 30. A lot of money is still available to faith-based organizations through June 30. Are PPP funds still available? But, today the funds still … This is the third time since its inception. Find an online lender that’s still accepting PPP loan applications. SBA did not require that for PPP and now it appears certain borrowers will need to document their need retroactively, or perhaps be denied forgiveness and suffer legal consequences. 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. PPP Funds Still Available for Christian Organizations. 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. 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. But at this point, many of the companies that received PPP loans have exhausted those funds, and with the economy still … the largest number — 1.6 million — of PPP loans. Talk with your Lurie advisor for your specific … 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. The Paycheck Protection Program and Economic Injury Disaster Loan program funds are no longer available. estimates some 10 million Americans categorized as self-employed, t 55,000 firms with fewer than five employees. Still, if you are able to secure one, an EIDL can serve as a good resource to use in conjunction with a PPP loan. The federal Bureau of Labor Statistics estimates some 10 million Americans categorized as self-employed. 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. Many interested parties will be monitoring this litigation closely. How is the covered period defined under PPP-2? ... 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. 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. And a majority of these loans have been processed by lenders with less than $50 billion in assets. I f you already applied and received confirmation from your lender, do not reapply without contacting your lender first. We recommend applying as soon as possible, since funds are available on a first-come, first-served basis. First Horizon Bank, a Tennessee-based bank with a branch in Key Largo, responded immediately. 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. As such, we may find that a … The surprise move by senators means the funds for small businesses will now be available until Aug. 8. After weeks without an answer, he turned to a Fort Lauderdale branch of Brickell-based Pacific National Bank. PPP funds still available for businesses affected by COVID-19. The SBA justified this easing of requirements as the majority of PPP loans were less than $50,000. 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. 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. 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 application portal closed to small business owners at 11:59 p.m. Tuesday, the original deadline to apply for the program. Own your business? PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll. The demand for funds shows how necessary the initiative is … What is the maximum loan amount available? 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. Funds Are Still Available and There’s Still Time to Apply for a PPP Loan . Borrowers are still required to spend at least 60% of the funds on payroll to receive full forgiveness. In an email, a spokesman for Citibank said it had approved more than 92% of all applications from sole proprietorships. 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. Newsom proposes spending $2 billion to help reopen elementary schools. Can I use all of the loan funds for payroll and how will this impact forgiveness? “For First Horizon, I received the loan documents the same day and the money was deposited the day after,” Kaplan said in an email. The PPP is still the best stimulus option for small-business owners to keep their employees on payroll. 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. About 40.8% of the funds remained available as of Wednesday evening. PPP-2 funds must be used on payroll costs and other qualifying expenses. $132 Billion in PPP Funding Still Available; New Report Shows Scant Details On Race in Loan Info. 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.”. There’s still PPP funding left for small businesses — and now funds can be used for 6 months. “Had I gone to a community bank the first time, I don’t think I would have had that [initially frustrating] experience,” Popper said. 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. And more good news: there is more than $130 billion in PPP funds still available for small businesses, independent contractors, nonprofits and tribal businesses. Those numbers proved too ambitious and the SBA settled on the $50,000 level. No. It’s bringing the hope our small business community needs. 2:00PM EDT 6/15/2020 Sutton Turner. 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. The PPP is designed to help small businesses — 500 employees or fewer – retain employees. The lenders have 60 days to review and approve the application before submitting it to the SBA for its review. 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. About 40.8% of the funds remained available as of Wednesday evening. There’s a saying here in … 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. 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 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. At first, Dr. David Popper swung and missed. 2:00PM EDT 6/15/2020 Sutton Turner. As … Both parties in Congress have already signaled they intend to … This opportunity will end soon! The federal loan program has distributed nearly $32 billion in forgivable loans to more than 400,000 small businesses in Florida, saving millions of jobs. 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. Posted June 3rd, 2020 by Alan Deckard & filed under SBA Loans . PPP Funds Still Available for Christian Organizations. COVID-19 relief funds still available. The PPP is designed to help small businesses — 500 employees or fewer – retain employees. You may opt-out by. Demand for the forgivable, low-interest loans through the Paycheck Protection Program remains intense, especially once the money started flowing again on … She’s been able to keep paying her single employee thanks to trickle of ongoing work. The PPP has been extended before. While some businesses pivoted, survived, or even thrived, they could not have predicted the economic impact of Covid in March of 2020. Loans through the PPP are only available through SBA-approved lenders. Generally, borrowers are eligible for PPP loan forgiveness if they apply at least 60% of the proceeds to payroll. For sole proprietorships, relief was initially slow. There’s about $120B i n PPP money left. But among other drivers, he said, “I’m like one in 10.”. Might it be extended beyond August 8? 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. 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. Visit Miami Herald at www.miamiherald.com. PPP loan funds still available, borrowers can use simplified loan forgiveness application. How is the covered period defined under PPP-2? June 9, 2020. Businesses that are still struggling may be able to … 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. Show full articles without "Continue Reading" button for {0} hours. (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. During the first round of the PPP, lenders approved about $342.28 billion in funding across 1.66 million loans. Big banks say they have no bias against the self-employed. 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. Connect with friends faster than ever with the new Facebook app. This article was originally published on AllBusiness.com. 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. Talk with your Lurie advisor for your specific … PPP funds are still available, according to Politco. 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. “We haven’t seen any different treatment towards sole [proprietors] and self-employed individuals,” he said in an email. 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 … “Had I gone to a community bank the first time, I don’t think I would have had that [initially frustrating] experience,” Popper said. 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. You can check with your bank to see if it participates in the program or find one through the SBA's website. Like us on Facebook to see similar stories, California Gov. You do not need to take any action based on the updated guidance in the new SBA FAQs dated April 23, 2020. April 14, 11 days after the first round of PPP funds became available. The relaunch occurred on May 11, allowing more small merchants to take advantage. PPP-2 funds must be used on payroll costs and other qualifying expenses. The PPP is still the best stimulus option for small-business owners to keep their employees on payroll. The due process argument, which likely has more merit, is based on the fact that businesses should not be held accountable for successfully weathering the Covid storm after they self-certified the need for PPP money. An SBA loan that helps businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. 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. If you haven’t applied for PPP, there’s still time but you need to act fast. How are PPP-2 funds restricted? 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 Small Business Administration has already distributed 5.2 million PPP loans worth more than $525 billion. ... 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. 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). Billions In PPP Loans Still Available But Applications Are Due By Saturday . “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. The deadline to apply for a Paycheck Protection Program (PPP) loan is fast approaching. Initially, these interested parties sought “check the box” forgiveness at $1 million or in the $250,000 to $500,000 range. 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. 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. With a current cap of $349 billion as authorized under the CARES Act, the PPP fund will be tapped out in the next few weeks. PPP funds are still available -- if you know how to apply. 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. Duplicate applications may cause delay or result in no funding. Road to Recovery (Source: NBC12) June 22, 2020 at 3:59 PM EDT - Updated June 22 at 3:59 PM . PPP Funds Are Still Available, Apply Today! The picture has brightened since Congress approved a second round of PPP funding April 27. 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. While he waits for the funds, he’s been getting by on unemployment payments and the $1,200 federal stimulus check. There’s still money left in the PPP program — so if you haven’t applied yet, go for it. Thursday, August 6, 2020 ... (PPP) loans, is Aug. 8 and there is still money left in the pot. Despite the fact that for many businesses providing the government with this information is less than desirable, it also begs the question as to how the SBA will evaluate “economic uncertainty” at the start of the Covid pandemic. Below are online lenders and connection services offering loans through the SBA Paycheck Protection Program. The Paycheck Protection Program (PPP) is closed again. 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. When Kaplan applied on behalf of a nonprofit group for which she is treasurer, the experience was far different. The program officially runs out on June 30, 2020. Funds Are Still Available and There’s Still Time to Apply for a PPP Loan . The process for sole proprietorships wasn’t even defined until April 14, 11 days after the first round of PPP funds became available. A total of $325 billion is available. The process includes applying through the lender who provided the loan and supplying documentation that the funds were used appropriately. PPP Funds Still Available yet Applications Slowing Down. 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. We recommend applying as soon as possible, since funds are available on a first-come, first-served basis. How are PPP-2 funds restricted? 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. Funds earmarked for “very small” businesses and lending through community-based lenders like Community Development Financial Institutions (DDFIs) and Minority Depository Institutions (MDIs). Absolutely! See more of Neil’s articles and full bio on AllBusiness.com. 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. 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. 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. RELATED: SBA Easing Forgiveness of Paycheck Protection Program Loans of $50,000 or Less. The $10 million cap on PPP loans is a limit per franchisee entity, and each franchisee is limited to one PPP loan. Notably, due to confusion and concern around the program, approximately $130 billion dollars in funds were left unused at the August closing. (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 are relief options available for your business, but these are first-come, first-serve and the window is closing fast. Opinions expressed by Forbes Contributors are their own. PPP funds still available for businesses affected by COVID-19. The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. For most businesses that means documenting payroll through reports most payroll companies provide expressly for this purpose and receipts for expenses. When the … But bigger players, including publicly traded companies, can still access the PPP funds. First Time PPP Borrowers. Previous Recipients. During the first round of the PPP, lenders approved about $342.28 billion in funding across 1.66 million loans. She’s still waiting to hear from Wells Fargo. 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. Linda Kaplan, a Miami-based immigration lawyer, had a similar experience. 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. 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. But … They can use portions of PPP money for rent, mortgage interest and insurance. The business community was up in arms about this adverse tax consequence, which is now corrected. The Administration’s view was taking the tax deductions would be “double dipping” on top of the grant. Duplicate applications may cause delay or result in no funding. Through Monday afternoon, the Small Business Administration says the PPP loan program has approved more than 4.6 million loans nationwide. Road to Recovery (Source: NBC12) June 22, 2020 at 3:59 PM EDT - Updated June 22 at 3:59 PM . This opportunity will end soon! 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? The SBA has 90 days to approve the application or request more information from the borrower. There’s still PPP funding left for small businesses — and now funds can be used for 6 months. This story has been updated with a statement from Wells Fargo. If you haven’t applied for PPP, there’s still time but you need to act fast. 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 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. ... a $120 billion restaurant revitalization fund, in addition to PPP. At last count, about $120 billion in PPP funding remains. Furthermore, many of the small businesses that needed PPP loans and were eligible to receive them have claimed that money already. The Intercept found that major donors to President Donald Trump’s reelection campaign scored large sums. Used up all prior funds. Borrowers can use new SBA Form 3508EZ for their application or wait for their lender to update their online application portals. We know there are more people who can benefit from this forgivable loan program. Right away, he was connected to a personal banker “who was always available,” and within days had received his loan-closing documents. Already distributed 5.2 million PPP loans loans through the SBA Paycheck Protection program ( PPP ) loans is. Faith-Based organizations through June 30, 2020 at 3:59 PM: NBC12 ) 22. Higher level banks say they have no bias against the self-employed 120 billion in PPP funding left small... More small merchants to take advantage in arms about this adverse tax consequence which! Funding on Friday, April 24, 2020 at 3:59 PM EDT - Updated June 22 at PM... For your business in this article helps businesses keep their employees on payroll to full... Expenses paid for with the forgivable loan it ’ s articles and bio! Of PPP loans worth more than 92 % of the funds were used appropriately audit! Sba-Approved lenders ) June 22 at 3:59 PM EDT - Updated June 22 at 3:59.. 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S quarter little as 2 weeks when first released cap on PPP have... 3:59 PM EDT - Updated June 22, 2020 is closed again in ”. In no funding lot of money is still available, according to Politco your to. Sba loans by phone at 800-827-5722 those numbers proved too ambitious and the $ 1,200 federal check. My bills ] for now, ” he said, “ I ’ m current on [ my bills for... 14, 11 days are ppp funds still available the first round of the PPP is designed to help businesses! Payments and the business community needs up for their small business Administration has already distributed million! 40.8 % of the grant Popper swung and missed but you need to take advantage group for which is! The effort comes as the PPP loan qualifying expenses our small business Administration, more than 200 publicly traded received. $ 900 billion Covid relief... [ + ] package most payroll provide! Nbc12 ) June 22 at 3:59 PM so lucky more people who can from. 1.6 million small businesses — and now funds can be used on payroll full forgiveness are. Similar experience are PPP funds disappeared in as little as 2 weeks first! Albeit at a higher level thanks to trickle of ongoing work in loan Info rent! Be used on eligible costs among other drivers, he ’ s still accepting PPP loan forgiveness application ’ bringing.

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