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SBA Paycheck Protection Program (PPP) Loans.

This program is for any small business with less than 300 employees (including sole proprietorships, independent contractors, and self-employed persons), a private non-profit organization, or 501(c)(19) veterans organizations affected by coronavirus/COVID-19.

Hospitality and Food industry

The hardest-hit industries may get additional relief

Small businesses in the hospitality and food industry with more than one location could also be eligible at the store and location level if the store employs less than 500 workers. This means each store location could be eligible.

Loan Maximum

A maximum second loan amount of $2 million for most businesses at 2.5 times their average monthly payroll costs

Food Services

Some food service and accommodations businesses could see more, as their maximum equals 3.5 times their monthly payroll costs

Loan Forgiveness

Forgiveness for businesses if they spend at least 60% of their PPP second draw loan on payroll costs during the covered period

New Program Changes

Employee Changes

A second loan for small businesses with less than 300 employees with a revenue reduction of at least 25% in the first, second, or third quarter of 2020 relative to the same quarter in 2019.

Maximum Loan Amount

A maximum second loan amount of $2 million for most businesses at 2.5 times their average monthly payroll costs, although some food service and accommodations businesses could see more, as their maximum equals 3.5 times their monthly payroll costs.

Loan Forgiveness

Creation of a simplified loan forgiveness application form consisting of a one-page certification that requires the small business to list the loan amount, the number of employees retained, and the estimated total spent on payroll costs.

Forgiveness for small businesses if they spend at least 60% of their PPP second draw loan on payroll costs during the covered period.

Deductions and Exemptions

Expansion of covered expenses to include software, cloud computing resources and human resources and accounting needs, as well as property damage costs due to public disturbances that were not covered by insurance, supplier costs and the purchase of personal protective equipment.

Expansion of eligibility to include 501(c)(6) nonprofits, such as local chambers of commerce, as well as destination marketing organizations, housing cooperatives, newspapers, broadcasters and radio stations.

Repeal Deduction Provision

Repeal of a previous CARES Act provision that required small businesses to deduct any Economic Injury Disaster Loans from PPP loan forgiveness.

An override of an IRS ruling that barred small businesses from deducting from their taxes expenses paid for with PPP loans.

Prohibition on publicly-traded companies accessing the PPP. Entities affiliated with the Chinese government are also ineligible.

Farms, Ranchers, and Faith-based Organizations

The creation of a farmer and rancher calculation for PPP loans, as well as codifying rules for faith-based organizations and churches to maintain their eligibility in the program.

When Do Paycheck Protection Program Loan Payments Start?

For portions of the loan that are not forgiven, payments are deferred for the first 6 months. But keep in mind that interest will accrue during the 6-month deferral period.

Two Coverage Period Options

PPP loan borrowers to choose two covered periods, an eight-week covered period or a 24-week covered period, in which to spend the loan proceeds.

Voluntary release of demographic information for loans. However the SBA is mandated to include a demographic questionnaire in the loan origination application.

Insurance Payment Clarification

Clarification that group insurance payments count as payroll costs, including group life, disability, vision, and detail insurance.

Ineligibility for businesses that receive a grant under a separate, $15 billion program for venues.

Reapplication Option

A reapplication option for the PPP maximum for any business that returned all or part of their PPP loan so long as they have not received forgiveness yet. And any borrower that would have gotten a larger loan under the new legislation can reapply for the difference.

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