Covid-19 Relief Bill Propels SBA Funding into PPP Round Two
STAMFORD, Conn., Jan. 5, 2021 /PRNewswire/ -- SBA Funding will facilitate the second round of Paycheck Protection Program ("PPP") loans for small business owners seeking to take advantage of the latest Covid-19 Relief Bill. Of $900 billion approved for the emergency Covid-19 Relief Package, $284 billion has been newly allocated for PPP loans to small business owners.
In its first round, the U.S. Small Business Administration approved nearly five million PPP loans totaling over $500 billion. With the new round of funding, those businesses needing support for continued operation have access to additional capital, even if they participated in the first round of PPP funding.
The new bill expands the types of businesses that can qualify for PPP and provides extra support for businesses within the hospitality industry. Businesses need to establish a 25 percent revenue loss in any quarter of 2020 versus the same quarter in 2019. Restaurants and other eligible hospitality businesses may multiply their average monthly payroll costs by 3.5x, making them eligible for slightly more funding. Second time PPP borrowers can qualify for a second loan if they've both used the entirety of their first PPP loan, and have fewer than 300 employees.
"We're extremely proud to help small business owners access federal resources designed to help them bridge the financial gap," said SBA Funding's Chairman, Steve Rabinovici. Steve added, "We listen to small business owners and heard a lot of confusion about whether they can apply for a second PPP loan. You can, we want you to know that in the majority of cases, you can. Take advantage of this and other favorable promotions offered by the SBA."
The U.S. Small Business Administration has a period of time after the legislation is passed to issue guidelines with specifics for how to implement the bill. Interested business owners can submit their contact information to SBA Funding to learn more about the loan application process as new information becomes available.
For more information and to receive an invitation to apply for a PPP loan, please visit: http://go.sbaloangroup.com/PPP
SBA Funding is a division of Business Funding Group. SBA Funding, together with its affiliate, SBA Loan Group, is one of the largest packagers of SBA loans to small business owners in the country. We are a team of entrepreneurs for entrepreneurs. Our SBA expertise and client first approach ensures that our clients maximize their loan amounts and close quickly.
Small businesses always have the opportunity to apply for additional flexible working capital through SBA Funding. If you would like more information about this topic, please call Rebecca Harris at (203) 339-2643 or email [email protected].
SOURCE SBA Funding
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