Important update for all small businesses of Lafayette,
For anyone still applying to the Paycheck Protection Program Round 2 (PPP2), the White House has made several changes to the program designed to make you more eligible. Major changes include:
- Businesses of 20 Employees or Less Will Receive Priority Processing for 14 Days
- Starting Wednesday 2/24/2021 and ending Wednesday 3/10/2021, the SBA will only process applications from businesses of 20 employees or less, allowing them to “cut in line” and receive their loans in a timely manner.
All of you who are over 20 employees can still be processed by the March 31st deadline if you apply, you will simply be processed behind the smaller businesses.
- Sole Proprietors/Self-Employed May Now Calculate PPP Loans Using Gross Revenue
- Originally, Sole Proprietors could only use Net Revenue (Line 31 of your Schedule C) to calculate owner’s “salary”. This punished entrepreneurs who operated at a loss or a slim margin in 2019.
Starting March 2021, you can instead use your Gross Revenue (Line 7 of your Schedule C) if you are a Sole Proprietor, Self-Employed, or Independent Contractor.
- If you thought you were not eligible for the PPP because of your Net Revenue, you may be eligible now!
- Non-citizens with Individual Taxpayer Identification Numbers are Eligible to Apply for PPP
- Noncitizens with lawful immigration status have been and still are eligible to apply for the PPP.
- Any business owners who hold green cards or visas are able to apply to PPP by using their Individual Taxpayer Identification Number (ITIN).
Please reach out to us if you have questions so we can help you take advantage of these changes.
If you would like to have a “face-to-face” meeting to discuss any specific questions you are encountering, feel free to schedule a Business Needs Assessment with us via Phone or Zoom!
Please click HERE if you would like a Phone Conference.
Please click HERE if you would like a Zoom Conference.
Furthermore, we will be holding small business assistance webinars every Thursday afternoon @ 4pm to discuss the Paycheck Protection Program and other tips to obtain funding. There will also be a Q&A panel where we can answer your questions live. Feel free to register for the Webinar by clicking HERE and select the date and time that works best for you. You can also access the latest recording by clicking HERE
Please click on the following links to access our guide to the PPP2 as well as the three (3) other major COVID-19 relief programs available to you:
These guides are intended to give you a breakdown of what items you need to apply as well as tips and FAQs to be successful in funding.
We are here to be your local human resource and answer any COVID-19 funding questions you may have. Please do not hesitate to contact us at any time via our information listed below.
Stay safe and healthy!
Townsend Public Affairs, Inc.