NFIB is advocating for Congress to pass a second round of PPP loans for small businesses and we are hoping to have some clarity on the availability of these funds soon. The business community was up in arms about this adverse tax consequence, which is now corrected. The PPP loan program restarted, following the appropriation of new funding on Friday, April 24, 2020. COVID-19 relief funds still available. “The issue we’ve seen is many applications from this group have been incomplete, causing a request for additional information or clarification which slows the process.“, Shane Canfield is a Hollywood-based professional driver who drives mostly for limousine companies and fills in with Uber or Lyft gigs. When the … The small business Paycheck Protection Program (PPP) still has $120 billion available as the appetite for the forgivable loans slows down, according to SBA data. The $10 million cap on PPP loans is a limit per franchisee entity, and each franchisee is limited to one PPP loan. On the initial applications, all borrowers had to attest that “the current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant.” Ordinarily, with SBA loan applications borrowers must show they do not have sufficient liquidity or credit elsewhere, and thus the loan is necessary. While his $104,000 PPP loan request with Bank of America could still come through in Round 2, he is increasingly distressed by what the lack of relief funding is … How are PPP-2 funds restricted? $132 Billion in PPP Funding Still Available; New Report Shows Scant Details On Race in Loan Info. The process includes applying through the lender who provided the loan and supplying documentation that the funds were used appropriately. If businesses use the funds according to the regulations, which include spending at least 60% on payroll to keep people employed and the additional funds on rent, utilities, mortgage payments, and interest on existing debt, they can apply for forgiveness and have the loan convert into a grant that does not need to be repaid. There’s still money left in the PPP program — so if you haven’t applied yet, go for it. For sole proprietorships, relief was initially slow. But bigger players, including publicly traded companies, can still access the PPP funds. This story has been updated with a statement from Wells Fargo. The surprise move by senators means the funds for small businesses will now be available until Aug. 8. And, as has occurred all along, we can expect new and evolving regulations, likely in the very near future. PPP-2 borrowing is capped at $2 million. Borrowers are still required to spend at least 60% of the funds on payroll to receive full forgiveness. The SBA justified this easing of requirements as the majority of PPP loans were less than $50,000. Through Monday afternoon, the Small Business Administration says the PPP loan program has approved more than 4.6 million loans nationwide. Despite the fact that for many businesses providing the government with this information is less than desirable, it also begs the question as to how the SBA will evaluate “economic uncertainty” at the start of the Covid pandemic. PPP Funds Still Available for Christian Organizations. As soon as the Paycheck Protection Program began accepting applications, the longtime Broward County optometrist tried applying through one of the country’s largest lenders for a loan to keep his practice — and its 15 employees — in cash. But, today the funds still … We recommend applying as soon as possible, since funds are available on a first-come, first-served basis. Absolutely! Own your business? There’s still PPP funding left for small businesses — and now funds can be used for 6 months The process for sole proprietorships wasn’t even defined until April 14, 11 days after the first round of PPP funds became available. The recent passage of the Paycheck Protection Flexibility Act allows small businesses to use funds up to 24-weeks and have the option of extending the life of the loan from two years to five. Below are online lenders and connection services offering loans through the SBA Paycheck Protection Program. According to the SBA, there are 3.57 million outstanding PPP loans of $50,000 or less out of the 5.2 million issued, totaling approximately $62 billion of the $525 billion in PPP loans. 2:00PM EDT 6/15/2020 Sutton Turner. The PPP is designed to help small businesses — 500 employees or fewer – retain employees. A total of $325 billion is available. 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