{"id":163,"date":"2021-01-14T07:25:45","date_gmt":"2021-01-14T07:25:45","guid":{"rendered":"https:\/\/www.thinkastute.com\/blog\/?p=163"},"modified":"2023-11-26T07:26:01","modified_gmt":"2023-11-26T07:26:01","slug":"paycheck-protection-program-now-accepting-loan-applications","status":"publish","type":"post","link":"https:\/\/www.thinkastute.com\/blog\/paycheck-protection-program-now-accepting-loan-applications\/","title":{"rendered":"Paycheck Protection Program Now Accepting Loan Applications"},"content":{"rendered":"<p>This news is music to the ears of small business owners across the country. According to an announcement this week, the borrowing window has opened again. Business owners may now complete an application for a first or second draw. Since the first round of disbursements was depleted before many of the smaller businesses could gain access to funds, they may advance to the front of the line. The portal opens to the larger ones on January 19, 2021.<\/p>\n<p>This round of PPP loans focuses primarily on helping minority-owned businesses, and those in lower-income areas that have been dramatically impacted by the pandemic. This decision comes on the heels of much criticism that grew out of the first round, as this underserved group was vastly overlooked. A staggering $280 billion in capital has been allocated to those businesses which need it most.<\/p>\n<div style=\"text-align: left;\"><strong style=\"color: #1aa1a1; font-size: 25px; line-height: 32px;\">Qualifications<\/strong><\/div>\n<p>A business must have 300 or fewer employees, and if it received funds from the first round, the money should be exhausted \u2013 or is expected to be diminished in the very near future. The maximum amount of the loan may not exceed $2 million.<\/p>\n<p>The SBA says that $25 billion will be set aside for Second Draw PPP Loans to eligible borrowers that have no more than 10 employees. Further, it will grant loans in the amount of $250,000 to eligible borrowers in low to moderate-income neighborhoods.<\/p>\n<p>The second round of PPP is open to both businesses that received loans in the first round and those who did not.<\/p>\n<p>Secretary of the Treasury Steven T. Mnuchin said in the SBA press release, \u201cThe PPP is already providing America\u2019s small businesses hardest hit by the pandemic with vital economic relief. As the Program re-opens for all First and Second Draw borrowers, the PPP will allow small businesses to keep workers on the payroll and connected to their health insurance.\u201d<\/p>\n<div style=\"text-align: left;\"><strong style=\"color: #1aa1a1; font-size: 25px; line-height: 32px;\">Loan Details<\/strong><\/div>\n<p>The general\u00a0<a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/coronavirus-relief-options\/paycheck-protection-program\/first-draw-ppp-loans#section-header-2\">loan terms<\/a>\u00a0will remain the same as stated in the first draw. Borrowers can be matched with qualified PPP lenders using\u00a0<a href=\"https:\/\/www.sba.gov\/funding-programs\/loans\/lender-match\">SBA Lender Match<\/a>. Second Draw PPP Loans may be used for payroll costs and employee benefits. It is permissible to use the funds to pay mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.<\/p>\n<p>The professionals at Astute realize that this whole process can be overwhelming. If you need any assistance with your application \u2013 or have other financial impact-related questions \u2013 please us a call at (925) 452-2205 or <a href=\"https:\/\/www.thinkastute.com\/contact\/\">contact us<\/a>. One of our experts will be happy to discuss this at your convenience.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>This news is music to the ears of small business owners across the country. According to an announcement this week, the borrowing window has opened again. Business owners may now&hellip;<\/p>\n","protected":false},"author":1,"featured_media":165,"comment_status":"closed","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[2,11,14,15],"tags":[56,57],"class_list":["post-163","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-announcements","category-news","category-small-business","category-startups","tag-loan-applications","tag-paycheck"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v22.3 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Paycheck Protection Program Now Accepting Loan Applications - ThinkAstute Blog<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.thinkastute.com\/blog\/paycheck-protection-program-now-accepting-loan-applications\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Paycheck Protection Program Now Accepting Loan Applications - ThinkAstute Blog\" \/>\n<meta property=\"og:description\" content=\"This news is music to the ears of small business owners across the country. 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