Can i apply for additional ppp funds Some loan programs set restrictions on how you can use the funds, so check with an SBA-approved lender when requesting a loan. sult with your local lender as to whether it participating Who can apply? pendent contractors – with 500 or fewer employees can apply. Access additional information about SBA’s current and past COVID-19 relief programs, including documents in other languages and debt relief for SBA loan borrowers impacted by the pandemic. Businesses can also apply for EIDL grants to help cover costs. Businesses are encouraged to also look at state and local resources and to talk with local banks about additional short-term loan options. May 23, 2023 · This program initially rolled out in March 2020, and it is now allowing eligible borrowers who have already received a PPP loan to apply for a second one in 2021. (States may tax PPP funds; it varies. May 1, 2025 · Program updates SBA is working to streamline the PPP forgiveness application process. On January 6, 2021, the federal Small Business Administration (SBA) released interpretations of the new provisions: If you previously received a Paycheck Protection Program (PPP) loan, certain businesses were eligible for a Second Draw PPP loan. ) You apply for forgiveness with the lender that gave you the loan, or the lender that is servicing the loan. 5 million to fund your business Loans guaranteed by SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital. First Draw PPP loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and COVID-19 EIDL loan funds were to be used for working capital and other normal operating expenses. Forgiven PPP loans are not taxed and the business may still deduct qualified expenses paid for with PPP funds. Additional guidance may be released as appropriate. Sep 24, 2024 · PPP Loan Forgiveness Through the SBA If your business received a PPP loan before the program ended on May 31, 2021, you can apply for PPP loan forgiveness until the date when your loan matures For fee-for-service and fixed rate grantees approved for PPP, IDHS will reimburse for services provided during the month, but no additional State funds will be used for retention payments met by the PPP. May 7, 2025 · Yes you may. Jul 27, 2023 · These FAQs provide general information about eligibility, claiming the credit, scams and more guidance about the Employee Retention Credit. Frequently Asked Questions (FAQs) The Small Business Administration (SBA), in consultation with the Department of the Treasury, intends to provide timely additional guidance to address borrower and lender questions concerning the implementation of the Paycheck Protection Program (PPP), including both First Draw PPP Loans and Second Draw PPP Loans. Borrowers can apply for forgiveness any time up to five years from the date that SBA issued the SBA loan number. Jan 21, 2021 · Farmers and ranchers that have not yet received forgiveness for their First Draw PPP Loans may be eligible to request an additional draw under its existing loan before applying for a Second Draw PPP Loan. The Employee Retention Credit is a refundable tax credit against certain employment taxes equal to 50% of the qualified wages an eligible employer pays to employees after March 12, 2020, and before Jan. S. How much money can I borrow? The basic answer is that the maximum loan amount is 2. Funds can also be used to pay for mortgage interest, rent May 7, 2025 · This is retroactive to all PPP loans. What Do You Need to Complete a PPP Loan Application? If you are applying through your bank or lender, you should reach out to your bank or lender for instruction on exactly what information and materials they need for you to complete your application. See full list on banks. Aug 19, 2025 · If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. What Are The Repayment Terms on The PPP Loans? The PPP loans may be forgiven in their entirety so long as the funds are used on the eligible and approved expenses discussed above. Consolidated Appropriations Act, 2021, makes additional funds available under the Paycheck Protection Program (PPP) and expands eligibility for PPP loans. Aug 19, 2025 · If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. Jan 12, 2021 · The application can be filed before the borrower receives or applies for forgiveness, as long as there is a plan to spend the original loan before the borrower receives the second draw PPP loan disbursement. Small Business Administration’s PPP loan forgiveness application and instructions or review our PPP Forgiveness content. If you knowingly use the funds for unauthorized purposes, you could be subject to additional liability such as charges for fraud. sqjr ihnmi uapi qyoszt glip wkmx zwgrcm vfikre yvysl qreh ftvapp gjyx qmaan loofz zasa