Paycheck Protection Program
Congress extended and expanded the PPP program for a fourth time ("PPP4") on December 21. The new law extends the original PPP forgivable loan program (First Round Loan) and added the ability to obtain a Second Round Loan.
A first round PPP loan is generally avalble to small business (less than 300 employees) that have not received a PPP loan.
A second round PPP loan is generally to small businesses that qualify for a first round under the new PPP4 regulations and can demonstrate a 25% decline or more in revenue from a quater in 2019 to the same quarter in 2020.
If you follow these instructions carefully and provide the required information and documents, your application can be processed quickly, including SBA approval, in a few days. If you do not follow the instructions carefully, your application can be held up for days or weeks awaiting additional information.