WebJan 7, 2024 · Second Draw PPP Loans are also eligible for loan forgiveness on the same terms and conditions as First Draw PPP Loans. So, for the vast majority of borrowers … WebJan 7, 2024 · The maximum for “second draw” PPP loans is $2 million, less than the $10 million cap for PPP’s first round. As was the case with the original PPP, actual loan amounts will be based on an applicant’s payroll. Second-time PPP borrowers will generally be eligible to borrow an amount equal to 2.5 times their average monthly payroll costs.
New PPP Loan and Employee Retention Credit Guidelines - PICPA
WebJan 31, 2024 · The Consolidated Appropriations Act (CAA) added in a new provision that allows certain self-employed farmers to receive both an increase in their first draw PPP loan and a second draw PPP loan if they had at least a 25% reduction in gross receipts. But what does all of this mean. Right now, there is not that much clarity. WebJan 8, 2024 · $15 billion and $25 billion for first draw and second draw PPP loans, respectively, for borrowers with a maximum of 10 employees or for loans less than … brass uniform name plates
Was Your PPP Loan Less Than $50,000? Life Just Got …
WebJun 1, 2024 · In December, there were alterations made to the coronavirus relief bill that made it easier for businesses with a PPP loan under $150,000 to apply for forgiveness. Those with loans under $150,000 now only have to submit a more straightforward, one-page application form. And if your business received a PPP loan for under $50,000, you can … WebMar 6, 2024 · Terms: 5 to 25 years. Percentage guaranteed: 75% to 85%. SBA guarantee fee: 0.25% to 3.75%. Uses: Working capital, refinancing debt, equipment, fixtures, renovations, inventory, starting a business, buying land or buildings, construction, expansion. The SBA 7 (a) loan program is by far the most popular. WebMay 5, 2024 · The 25% reduction in revenue criteria only applies to businesses applying for their second draw PPP loan. This new, second PPP loan means new eligibility … brass \u0026 soul zaharoff