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After the White House announced changes to the Paycheck Protection Program (PPP) to help provide relief to the smallest businesses last week, the Small Business Administration (SBA) issued a new Interim Final Rule on Wednesday. It potentially opens the door for larger PPP loan amounts by allowing individuals with income from self-employment who file using an IRS Form 1040, Schedule C, such as sole proprietors, independent contractors, and self-employed clients, to calculate maximum loan amounts using gross income instead of net profit.
Paycheck Protection Program
- The Paycheck Protection Program is a loan designed to provide a direct incentive for small businesses to keep their workers on the payroll.
- For most borrowers, the maximum PPP loan amount is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million.
- For borrowers in the Accommodation and Food Services sector, the maximum PPP loan amount is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.
- SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.
- PPP loans have an interest rate of 1%.
- Loans issued prior to June 5 have a maturity of 2 years. Loans issued after June 5 have a maturity of 5 years.
- Loan payments will be deferred for borrowers who apply for loan forgiveness until SBA remits the borrower's loan forgiveness amount to the lender.
- If a borrower does not apply for loan forgiveness, payments are deferred 10 months after the end of the covered period for the borrower’s loan forgiveness (either 8 weeks or 24 weeks).
* Demonstrate at least a 25% reduction in gross receipts
* Annual tax returns for 2019 and 2020 to substantiate the 25% revenue reduction
* Employ fewer than 300 employees
* No collateral or personal guarantees required
Have your application submitted correctly by our experienced Underwriter's in order to receive Maximum funding!