Many business owners believe to qualify for a Paycheck Protection Program loan, they need a 25% reduction in gross revenue in EACH QUARTER of 2020 when compared to 2019. This is not the case. To qualify, a business or non-profit organization needs only to have a 25% reduction in gross revenue during ONE QUARTER of 2020 when compared to the same quarter in 2019 OR a 25% reduction in gross revenue for all of 2020 vs all of 2019.
Category: SBA PPP Loan Resource Center
ENB is now accepting applications for Paycheck Protection Program (PPP) loans offered through the U.S. Small Business Association (SBA). As we guide businesses through the application process, we have received a few frequently asked questions related to documentation of payroll and revenue. Please find them here.
Updated information on the latest round of PPP Loans and what happens next.
On December 21, 2020, the United States House of Representatives and Senate passed legislation to supply the latest round of COVID-19 relief, authorizing more than $900 billion in economic aid to small businesses and consumers. Key components of this legislation expand eligibility for Paycheck Protection Program (PPP) loans and further clarify requirements for forgiveness of outstanding loans.
We understand that small and local businesses were hit especially hard by COVID-19. We also know that community businesses are some of the most resourceful and resilient businesses around. With the right resources and a good strategy, businesses like yours can navigate today’s challenges and come out of them even stronger. That’s why we want to look at what comes next for…
The Paycheck Protection Program Flexibility Act has made it easier for businesses to receive loan forgiveness by relaxing some of the requirements that were initially established when the PPP Loan program was created by the CARES Act. To help maximize the loan forgiveness your business is eligible for, we’ve put together 6 tips.
With all the paperwork and changes to the Small Business Administration's Paycheck Protection Program, we know it is hard to keep track of dates. To help you prepare, we've put together a list of dates and deadlines to help you maximize your loan forgiveness.
On Friday, June 5, the PPP Flexibility Act (PPPFA) was signed into law. The primary benefit of this new legislation for Paycheck Protection Program loan borrowers is that it gives them additional time to qualify for loan forgiveness and eases the requirements surrounding the percentage of loan proceeds that must go toward payroll in order to receive forgiveness. Here are a few highlights so you can begin to decide which course of action is best for your business.
On Friday, May 15, the Small Business Administration (SBA) issued the Loan Forgiveness Application for Paycheck Protection Program (PPP) loans along with a list of instructions for completing the application. Last week, we provided a Refresher on Eligible Expenses for PPP Loan Forgiveness. We now turn our attention to documentation the SBA requires you to provide in order to verify your eligible payroll and non-payroll expenses.
On Friday, May 15, the Small Business Administration (SBA) issued the Loan Forgiveness Application for Paycheck Protection Program (PPP) loans along with a list of instructions for completing the application. Included in these instructions was guidance on costs that are eligible for loan forgiveness. Depending on when you initially applied for your PPP loan, your memory of the eligibility guidelines may be beginning to fade. Plus, some of the initial requirements have been revised by the SBA recently. As a result, we thought revisiting cost eligibility with our PPP loan customers would be helpful as they begin to work on the application.