TorchTalk

5 Things to Know About the Second Set of PPP Loans

  Update 2/23/21:  The second round of PPP loans rolled out on January 11, 2021. Earlier this week, changes benefitting small businesses were made to that additional wave of financial relief. Here’s what you need to know as those updates go into effect on Feb. 24: Only businesses with fewer than 20 employees will be allowed to apply for two weeks starting Feb. 24 and extending through March 10. Revisions to the PPP funding formula now allow for companies without employees to receive more money. Included in the group are sole proprietors, self-employed individuals, and independent contractors. Individuals with non-fraud felonies are now eligible to apply for PPP funding. Business owners with student loan debt delinquencies are eligible for PPP loans. Access given to non-citizen small business owners who are lawful US residents can use their Individual Taxpayer Identification Number (ITIN). The deadline to file for a PPP2 loan is currently slated as Wednesday, March 31. Any business owner wanting outside help applying for financial relief via the PPP loan process is advised to connect with a trusted professional accountant. For more information about PPP loans and other financial help available to small businesses, visit our Stimulus Package FAQ. When the first round of the Payroll Protection Program (PPP1) rolled out in April 2020, it was designed to keep businesses afloat during a nationwide shutdown. However, once companies started to reopen, COVID19 cases increased and another economic setback ensued. The initial allotment of funds couldn’t cover the full extent of the downturn.

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