05/05/2021 · First draw PPP loans. If the following statements apply to your business, you are eligible to apply for your first PPP loan in 2021. Your business was operational before February 15, 2020; Your business is still open and operational; You have no more than 500 employees; If your business has multiple locations, you have no more than 500 employees per location; Second draw PPP loans13/04/2021 · First Draw PPP loans made to eligible borrowers only qualify for loan forgiveness if during the applicable covered period following loan disbursement (8-24 weeks): (1) employee and compensation levels are maintained; (2) at least 60 percent of the proceeds are spent on payroll costs; and (3) the remaining loan proceeds are spent on payroll costs or other “eligible ;The Paycheck Protection Program (“PPP”) authorizes up to $349 billion in forgivable loans to small businesses to pay their employees during the COVID-19 crisis. All loan terms will be the same for everyone. The loan amounts will be forgiven as long as: The loan proceeds are used to cover payroll costs, and most mortgage interest, rent, andAn SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: the Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan ;· A borrower is generally eligible for a Second Draw PPP loan if the borrower: Previously received a First Draw PPP loan and will or has used the full amount only for authorized uses Has no more than 300 employees; and Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020Do I Qualify for the PPP Loan? | Bench AccountingFirst Draw PPP Loan Application Eligibility and Second Draw PPP loan - SBAPPP Payroll Requirements: What is considered payroll for 05/04/2021 · Second Draw applicants are eligible if they (1) previously received a First Draw PPP loan and will or have used the full amount only for authorized …

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