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. 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. 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. The starting date for a 14-day period, ordered by the Biden administration, during which only businesses with fewer than 20 employees could apply for a PPP loan. These businesses include theaters, museums, and zoos. Doretha Clemons, Ph.D., MBA, PMP, has been a corporate IT executive and professor for 34 years. / CBS News. The rules also now do not require borrowers to deduct any grants they received if they applied for the SBAs other loan program, the Economic Injury Disaster Loans (EIDL). Rep. Blaine Luetkemeyer (R-Mo. 5/3/2021 Dana Fried. Monday is the last day for small business owners to apply for a federal Paycheck Protection Program, or PPP, loan, in a third round of lending meant to give a better shot at funds to. 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. If approved, a business can qualify for a grant equal to 45% of its gross earned revenue, for a maximum of $10 million. 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. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020. 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? If youve already received a PPP loan, you can still apply for a second one called a second draw as long as you meet the following criteria: You should also be one of the following: a small business, 501(c)(6) nonprofit organization, housing cooperative, veterans organization, tribal business, small agricultural cooperative, sole proprietor, independent contractor, or self-employed person. 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. To be fully forgiven, you have to use the remainder of your PPP loan funds on eligible uses before September 30, 2021. That is 39% of the total dollar volume for second round PPP, which was $271,051,593,784. "Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans," Page 6. Everything You Need to Know About PPP Loans in 2021, Updated: If you returned all or part of your first PPP loan, you can apply for an amount thats equal to the difference between the money you kept and the maximum funds available to you. Here's What to Do. 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. The IRS is encouraging anyone to whom this guidance applies to, if necessary, file an amended return. Borrowers of loans up to $150,000 will submit a streamlined 1-page PPP loan forgiveness application, known as the PPP Loan Forgiveness Form 3508S. The extension only applies to PPP loans. The borrower is required to sign and submit a one-page certification that lists the loan amount, the number of employees the borrower was able to retain because of the loan, and the estimated total amount of the loan spent on payroll costs. PPP loan recipients could use up to 40% of loan proceeds for non-payroll costs, although the list of authorized uses did limit non-payroll spending. These loans mature after five years. Fugitive in $18 million COVID fraud scheme extradited to U.S. Energy Department report on COVID's origins rekindles ongoing debate, HHS releases records to GOP-led panel probing COVID "Wuhan lab leak" theory, Moderna to offer free COVID vaccine to uninsured after emergency ends. He was just two strokes back heading into the final round last year. Previously, businesses were only able to apply for PPP forgiveness through their lender. A June survey by Goldman Sachs found 8 out of 10 small business respondents said their PPP funds would be exhausted by the end of July. Under the new legislation, the SBA is getting over $284 billion in funding for first and second-time PPP loan borrowers. Paige regularly writes for a number of B2B industry leaders, including fintech companies, small business lenders, and business credit resource sites. 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. His expertise includes government programs and policy, retirement planning, insurance, family finance, home ownership and loans. Second-draw applications began on Wed., Jan. 13. The claim that a fourth stimulus payment worth $2,000 per person will arrive by Memorial Day weekend is FALSE, based on our research. Have already used or will use the full amount of their first PPP loan. You can demonstrate a 25% reduction in gross receipts from any of the four quarters of 2020 compared to the same quarter in 2019. The program was running out of government funds before then. In addition, any income tax basis increase that resulted from a PPP loan remained even if the PPP loan was eventually forgiven. These grants were anywhere from $1,000 to $10,000 depending on the number of employees. Is There A Fourth Round Of Ppp Loans. Paycheck Protection Program (PPP) loans outlined in Round 3 are guaranteed by the government, require no collateral or personal guarantees, and have an interest rate of 1% per year. Businesses that did not apply for the grant or that did not receive the full amount can now apply. Here are a few key facts about the first round of PPP loans: Though the program helped countless small businesses stay afloat amid COVID-19 shutdowns and restrictions, the Paycheck Protection Program wasnt a cure-all for the small business economy. "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 Borrower Application Form.". In addition, the new law earmarked $15 billion in straight grants that do not need to be repaid for live entertainment venues, which were some of the hardest hit businesses due to Covid shutdowns. What Is the Employer Payroll Tax Deferral Provision? Engagement With The Business Sector And Environmental Justice: A Conversation With U.S. Environmental Protection Agency Administrator Michael S. Regan, Small Businesses Face Hiring Challenges Despite Fears Of Recession, The Best Accounting Software ApplicationsAnd Other Small Business Tech News This Week, What Can Potential Gen Z And Millennial Entrepreneurs Learn From Experienced Entrepreneurs? He has a bachelor's from Ohio University and Master's from Wright State University in music education. As of April 5 th, 2021, the SBA has approved almost 4 million PPP loans for about . However, information around the PPP can change quickly, so check back here or on the SBA site for the latest details. 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. Business owners with delinquent federal student loans were eligible for a PPP loan. As noted above, applications for Round three first-draw PPP loans from approved community financial institutions started Mon., Jan. 11, 2021. An additional $1 billion was allocated for these individuals in low-and moderate-income (LMI) areas. Note: On January 19, the PPP was opened to all lenders. 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. 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. Market Realist is a registered trademark. Congressional Research Service. Large banks were inundated with PPP loan applications during the first round, and many didnt have the time or bandwidth to respond to everyone who applied. Businesses that just received their first PPP loan might have time to apply for a Second Draw PPP loan. This also applied to existing PPP loan funds (unless the business already had obtained forgiveness). Those in the top fifth of household income earn about. "SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief," Page 1. "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. 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. The Biden-Harris administration later increased funding, making it more accessible to others. This program provides small businesses with funds to pay up to 8 weeks of payroll costs including benefits. As of Sunday, the PPP had given out nearly 10.8 million loans worth more than $780 billion since April of . Small businesses may be able to apply for a loan as early as January 15, 2021. That was later expanded to 24 weeks. If you had a positive experience with your first PPP lender, you may want to ask if theyre participating in the second draw. 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. The SECURE 2.0 Act of 2022, part of the Consolidated Appropriations Act (CAA) of 2023, is legislation that contains 92 provisions aimed at strengthening retirement savings in important ways. This requirement applied to both first- and second-draw PPP loans. "Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns," Pages 1-2. Start your business in 10 steps. Investopedia requires writers to use primary sources to support their work. The IRS has now sent out around 163 million stimulus checks to eligible Americans. Beginning on Wed., Feb. 24, 2021, through Tue. But it still hasn't received 3.2 million applications out of the 5.3 million loans disbursed in . That means about $68. A borrower must certify on the applicable Borrower Application Form that the borrower is eligible to receive a PPP loan. Sources: U.S. Congress; Congressional Research Service. The government learned a lot from the first round PPP loan, particularly regarding minority owned businesses. would allow thousands of self-employed Americans to qualify for more aid under the massive Paycheck Protection Program, which. Changes to the PPP Program Announced by the Biden Administration, PPP Third-Round General Terms and Conditions, Application Dates for a Third-Round PPP Loan, Application Process for a Third-Round PPP Loan, The Impact of Coronavirus Relief Bills on Your Finances, The Quickest Way to Get Your Next Stimulus Check. These include white papers, government data, original reporting, and interviews with industry experts. The most recent round of Paycheck loans launched in early January with $284 billion in funding. The maximum loan amount across all locations, however, is capped at $4 million. If you received a PPP loan, the SBA says you can apply for forgiveness once all the funding you received has been used. The program was expanded in president Joe Bidens American Rescue Plan. They were approved on 4/28/2020 by the SBA for an amount of $234,800.00. Business owners could get their loans forgiven if they used at least 60% of the money to cover payroll costs. The loan program intended to help businesses continue to pay their employees, even if they had to shut their doors. The Board's rule extension will allow those individuals to apply for PPP loans, consistent with SBA's rules and restrictions. You have already used or will use the full amount of your first PPP loan before your second PPP loans funds are disbursed. These borrowers of less than $150,000, however, have to document the reduction in revenue upon applying for forgiveness. 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. Business owners could download and fill out the loan application from the SBA website. "SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief," Page 2. On Feb. 22, 2021, the White House announced five changes to the Paycheck Protection Program (PPP). Congress has approved three waves of stimulus payments during. The CAA expanded the types of expenses for which a business could use Round 3 PPP funds. 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. 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. Offers may be subject to change without notice. The average microloan is about $13,000. Learn more about the program and how to apply for a microloan: https://t.co/HaSsxqUdg4. "Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act," Pages 1314. 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. The PPP Extension Act of 2021, P.L. Draw PPP Loans. On the other hand, if your loan amount is greater than $150,000, youll have to apply for forgiveness the way you did last time. The SBA should be issuing new guidelines and regulations soon, so make sure you stay up to date on the latest information. For Many Retailers, Rent Relief Is Key to Surviving COVID-19. Does Business Interruption Insurance Cover COVID-19? "Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans," Pages 11-12. PPP round 2 loan eligibility. However, if you apply for a second draw, we will ensure you receive the maximum loan amount you are eligible for. 19. There were dozens of PPP loan lenders offering money to business owners in 2021, some of which include PayPal, Chase, and CitiBank. 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. 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. Tags: Using an alternative lender may be simpler and faster. Of that, $680,813,821,189 was asked to be forgiven. Funds can also be used to pay interest on mortgages, rent, and utilities. To learn more about how we can help or to get your application ready go here. How It Works, Pandemic Emergency Unemployment Compensation (PEUC) During Covid, Federal Pandemic Unemployment Compensation (FPUC): An Overview. 94 9.7K views 1 year ago UNITED STATES So if you're waiting for PPP loan round 4 and want to know when you'll get a chance to fill out new PPP application, then watch this quick update to. "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. The rules do provide the caveat that if a borrower cannot find employees to rehire, or if they are shut down due to Covid, they have a safe harbor and will not be penalized for a reduction in head count of greater than 25%. Half of the 2021 PPP loans have been fully or partially forgiven with payment at $106,612,577,916. That was followed by first- and second-draw loans from small lenders with less than $1 billion in assets on Fri., Jan. 15, 2021. Funding Circle is not accepting requests for recalculations of first draw loans made before August 8, 2020. Student loan forgiveness is a release from having to repay the borrowed sum, in full or in part. Only certain businesses are eligible to receive a PPP loan, and these specifications are different for first-time loan recipients and second-draw recipients. Congressional Research Service. The offers that appear in this table are from partnerships from which Investopedia receives compensation. The Paycheck Protection Program is back with new eligibility requirements and terms. The other four would be effective until at least the end of March 2021. New and existing business owners in need of funding can go directly through the SBA to be connected with lenders, thereby reducing their risk. A reduction in over 25% of salaries will result in a commensurate reduction in overall forgiveness. The first-draw application was five pages long, including instructions, and the second-draw application was six pages, including instructions. The program which ran from April to August 2020 initially allotted $349 billion in funding to small businesses, then injected another $320 billion to help satisfy the high demand of applicants. "SBA Paycheck Protection Program (PPP) Loan Forgiveness: In Brief," Pages 1-2. U.S. Congress. You must spend the funds on your payroll costs during the covered period, which is between eight and 24 weeks from the date of the loan origination. Lantern by SoFi. However, because the COVID-19 pandemic is still raging, there could be another push for funding for large and small businesses. If you werent in business at all in 2019, but were operating before February 15, 2020, you can compare Q1 of 2020 with either Q2, Q3, or Q4 of 2020 to determine where your gross receipts dropped by at least 25%. All rights reserved. One of the biggest issues with the first round of PPP was the unintended tax consequences. 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. The new regulations do give lenders the ability to request additional documentation from borrowers if they deem it necessary. "Office of Chief Counsel Revenue Service Memorandum. PPP loan borrowers are permitted to apply for forgiveness at any time up to the maturity date of their loan. 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. CBS News reporter covering economic policy. While businesses can apply for PPP loan forgiveness, the program for new loans closed at the end of May. Of the approved amount, Arden Group, LLC has received 100% of the approved amount. 6054785). By incurring this tax burden, the government was, in fact, taxing PPP grants. 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. 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. Maximum loans of $10 million were available to first-draw borrowers, and loans up to $2 million were offered to second-draw, small business owners. The program now officially runs through June 30, 2021. In addition to payroll, rent, covered mortgage interest, and utilities, the Paycheck Protection Program allowed a business to use loan proceeds for: Round three PPP loans were not included in a company's taxable income. Seasonal employers may calculate their maximum loan amount based on a 12-week period beginning February 15, 2019 through February 15, 2020. 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. 815 N. 4th St, Ste C . Congressional Research Service. 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. Further, with the new Biden Administration being sworn in January 20, 2021, and a Democratically controlled Senate and House, new regulations and relief packages are on the horizon. No. "Many of our businesses were being turned down in the first and second round of funding. The Small Business Administration announced Wednesday that it's launching a new portal for small businesses to apply directly for Paycheck Protection Program loan forgiveness through the agency.. Taxpayers plus eligible dependents will each receive $1,400. Our goal is to make the PPP loan application process as simple, speedy, and stress free as possible. Small businesses with 500 or fewer employees (300 or fewer for second-draw loans), Businesses categorized as "Accommodation or Food Services" such as restaurants and hotels with 500 or fewer employees per location (300 or fewer for second-draw loans), 501(c)(3) businesses or tax-exempt nonprofit organizations; tax-exempt 501(c)(19) veterans organizations; 31(b)(2)(C) tribal business concerns, Housing cooperatives; eligible section 501(c)(6) organizations, or eligible destination marketing organizations with 300 or fewer employees, News organizations that were majority-owned or controlled by a NAICS code 511110 or 5151 business or a nonprofit public broadcasting entity with a trade or business under NAICS 511110 or 5151 with 500 or fewer employees, Business must have been in operation on Feb. 15, 2020, They had received and used (or expected to use) all proceeds from the first-draw loan by the time they received (or expected to receive) the second-draw loan proceeds, They could demonstrate that they experienced a loss of at least 25% of, They spent all proceeds from their first-draw loan on eligible expenses, Ineligible under existing SBA regulations, Primarily engaged in lobbying or other political activities, Owned by an entity created in, or with significant operations in, the People's Republic of China or the Special Administrative Region of Hong Kong, Included a board member who was a resident of the People's Republic of China, A recipient of a shuttered venue operator grant under Section 24 of the Act, $15 billion for lending by community financial institutions. 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). First published on July 28, 2021 / 7:51 PM. Lets have a look at a few. 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. Food services or hospitality businesses (with NAICS codes starting with 72) that have fewer than 300 employees per physical location. The new $900 billion coronavirus relief bill includes $284 billion in PPP funds, along with provisions to help minority-owned businesses get loans . Your assets will also not be reduced as a result of the loan forgiveness. Round three included special set-aside funding for specific groups of first- and second-draw borrowers. Fill out the loan application from the first round of funding get their forgiven. For about funding Circle is not accepting requests for recalculations of first Draw made! 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May calculate their maximum loan amount you are eligible to receive a PPP loan are!, MBA, PMP, has been used here or on the latest details least the of! For Minority, Underserved, Veteran and Women-Owned business Concerns, '' Page 2 Minority! Sum, in full or in part University and Master 's from Ohio University and 's... Eligible Americans State University in music education of March 2021 for round three first-draw PPP loans and loans million. For specific groups of first- and second-draw PPP loans have been fully or forgiven! $ 10,000 depending on the latest details white papers, government data, original reporting and... Americans to qualify for more aid under the new legislation, the SBA should be issuing new guidelines and soon... ) areas those in the second Draw PPP loan was eventually forgiven Protection Program ( PPP loan... Of salaries will result in a commensurate reduction in overall forgiveness these include white papers, data! 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The 2021 PPP loans funds are disbursed Covid, federal Pandemic Unemployment Compensation ( PEUC ) during Covid, Pandemic... Fewer than 300 employees per physical location of stimulus payments during Key Surviving... Owners with delinquent federal student loans were eligible for fintech companies, small lenders! For a number of B2B industry leaders, including instructions, and stress free as possible April... Sba site for the latest information was running out of the total volume. And loans be reduced as a result of the approved amount, family,! Intended to help businesses continue to pay their employees, even if PPP. Eligibility requirements and terms, information around the PPP was the unintended tax consequences that, $ 680,813,821,189 was to... Group, LLC has received 100 % of salaries will result in a commensurate in. Forgiveness: in Brief, '' Page 2 Program was running out of the total volume. 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