![]() The more documentation you can provide, the better. With each business entity comes different requirements, so be sure you provide the required documents for your business type. ![]() It will also give lenders until June 30 to fund PPP loans.ĭocumentation is critical in this round. Congress has just passed legislation that will extend the application deadline to May 31, 2021. As of this writing, only 74% of the $284 billion in PPP funds have been approved. FALLON/AFP via Getty Images) AFP via Getty Imagesīy now, we know the latest round of the Paycheck Protection Program (PPP) is moving much slower than the first rounds did. Fallon / AFP) / TO GO WITH AFP STORY BY JOHN BIERS "Covid-19 dampens holiday cheer for Black small businesses" (Photo by PATRICK T. The new rules mean Hotville Chicken, a south Los Angeles restaurant specialzing in "Nashville-style" spicy dishes, will have to shut its outdoor eating space after already closing the dining room. But rising coronavirus cases have prompted fresh restrictions in Los Angeles and elsewhere. "Black Friday" normally kicks off the holiday shopping season the morning after Thanksgiving. It's been a rough year for Black-owned small businesses, and the latest surge in coronavirus cases suggests a festive season without much celebration. Land" in the Leimert Park neighborhood of Los Angeles, California, November 24, 2020. Gross receipts includes all revenue in whatever form received or accrued (in accordance with the entity’s accounting method) from whatever source, including from the sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances.James Fugate, co-owner of Eso Won Books, arranges copies of President Obama's memoir "A Promised.See the latest updates at Equitable PPP Home. * Updates to the program announced in February 2021 expanded eligible uses. Additionally, eligible costs now include operating costs for software and cloud computing services and accounting needs and property damage costs related to property damaged and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation Eligible uses include payroll, payments for mortgage interest, rent, utilities, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures and facility modification expenditures incurred on or after March 15, 2020, including personal protective equipment to comply with COVID-19 federal health and safety guidelines.For more on PPP Loan modification, attend an information session or speak with a business advisor. Note: Under very narrow conditions, borrowers can request a modification to an existing PPP loans if they have not applied for and been granted forgiveness. Borrowers with past non-fraud felony convictions may now apply.Borrowers with delinquent student loans may now apply.This includes refugees and those with asylum status. Lawful US residents with only an Individual Tax Identification Number (ITIN) may apply.NEW! Eligibility changes and clarifications announced Feb. Has not received a Shuttered Venue Operator grant from the SBA.Can show at least a 25% gross revenue decline annually or in any 2020 quarter compared with the same quarter in 2019.Request for the 2nd loan is $2 million or less.The current economic uncertainty makes the second PPP loan necessary to support ongoing operations.Already used or will use the full amount of the first PPP loan prior to distribution of the second draw loan.Second-time borrowers may apply for a PPP Second Draw Loan. ![]()
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |