Answers that Remind You “YES You Can” Apply
The SBA Paycheck Protection Program (PPP) provides loans to help businesses keep their workforce employed during the Coronavirus (COVID-19) crisis. As such, if you did not access the federal PPP funding during Round 1, you may be eligible to apply today! Application submission ends March 31, 2021!
Here are some answers to frequently asked questions to help you get started!
Question: How do I know if I am eligible to apply?
Answer: This program is available for any federally legal businesses that were in operation prior to February 15, 2020.
- The small business must have less than 300 employees (including sole proprietorships, independent contractors and self-employed persons), private non-profit organization or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.
- Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 300 workers. This means each store location could be eligible.
Question: If I am the only employee as a sole proprietor or LLC, may I still apply and expect my loan to be forgiven?
Answer: As long as you use 60% of the loan proceeds for payroll costs and the remaining 40% for other eligible business expenses, then the loan can be forgiven, with the submitted forgiveness application.