As of March 1st, many businesses that had previously been ineligible can now receive PPP funds.
- Businesses and nonprofits with fewer than 20 employees can now calculate their PPP loan differently. This new application allows sole proprietors and independent contractors to receive more financial support than before.
- After March 10, all other companies that have not already applied for first- and second-draw PPP loans will be able to apply until March 31, 2021.
The Paycheck Protection Program is a forgivable loan program. This means that unlike traditional loans, PPP loans can be forgiven if certain requirements are met.
My business has never applied for the PPP:
Businesses who just never applied for PPP – often were unaware or weren’t eligible at first.
What you need:
- 2019 business tax forms
- 2020 business information
- Payroll information
My business applied previously:
Businesses who did apply for the first and now need the second.
What you need:
- The same info from round 1
- Info from 2020
- Information about their 1st draw
My business was not eligible before:
Small businesses (under 20 employees) & 1099 employees who weren’t eligible before due to lack of profitability.
What you need:
- 2019 Schedule C
- Payroll information if applicable
- Business bank account
Schedule an appointment with Micah to see if you qualify:
