Quick Answer: Can You Still Apply For PPP?

Can you still apply for a PPP loan?

Paycheck Protection Program loans are still available, even as businesses reopen.

UPDATE: On July 1, Congress approved an extension of the Paycheck Protection Program until August 8, 2020.

The PPP still had almost $130 billion in unused funds as of August 1..

How do you qualify for PPP forgiveness?

You must maintain at least 75% of total salary. If the employee’s pay over the 24 weeks is less than 75% of the pay they received during the most recent quarter in which they were employed, the eligible amount for forgiveness will be reduced by the difference between their current pay and 75% of the original pay.

How can I get my PPP forgiven?

Use the following tips on how to make sure your PPP loan is forgiven to get started:Use it for eligible expenses.Keep your employee headcount up.Don’t reduce an employee’s wages by more than 25%Document everything.Talk with your lender.Apply for loan forgiveness.

Can an LLC get a PPP loan?

Only sole proprietors, sole members of LLCs, and independent contractors may at this time apply as self-employed individuals for PPP Loans. … Note: SBA stated that it will issue additional guidance for those self-employed individuals in operation on February 15, 2020, but not in operation in 2019, to apply for PPP Loans.

Can I apply for PPP if I have no employees?

The PPP limits compensation to an annualized salary of $100,000. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation replacement.

How long do I have to apply for PPP forgiveness?

Borrowers may submit a loan forgiveness application any time before the maturity date of the loan, which is either two or five years from loan origination.

How do I apply for a PPP loan?

How to Complete Your PPP Loan ApplicationStep 1: Access your PPP Application. … Step 2: Add or Confirm Existing Business Information. … Step 3: Add New Requirements for Business Information. … Step 4: Enter or Confirm Ownership. … Step 5: Enter or Confirm Additional Owner Info. … Step 6: Upload or Confirm Documents.More items…

How do I know if my PPP was approved?

3 Ways To Check Your PPP Loan StatusYou must sign in with your Small Business Online Banking account or sign into the CashPro® service. … After completing the application process, you will receive online confirmation of the submission.Bank of America will process your application as soon as possible.More items…•

Can a self employed person get a PPP loan?

To apply for PPP loan forgiveness, self-employed individuals can use the simplified Form 3508EZ. As long as you don’t have employees on payroll, this form applies to you. If you do have payroll expenses, you can use the standard Form 3508.

What is the deadline for PPP loan?

The Covered Period or Alternative Covered Period for any borrower will end no later than December 31, 2020. following its PPP loan disbursement is Sunday, April 26, the first day of the Alternative Payroll Covered Period is April 26 and the last day of the Alternative Payroll Covered Period is Saturday, October 10.

Can small business still apply for PPP?

Thanks to a second round of funding from Congress, the PPP is open to applications again. Bluevine — The Simple Dollar’s top pick for the best small business loans of 2020 — is accepting and processing applications.

Can I apply for a PPP loan online?

You can apply online in minutes and get the relief funding you need as soon as possible. Both existing customers and new customers are welcome to apply. If you’re concerned that funding for PPP will run out, they also provide other small business loans that may be a better option for you.

What qualifies as utilities for PPP?

UTILITIES. Utilities are the last qualified expense under the PPP program. These are described by the SBA as phone, internet, gas, water, electricity, etc. Similar to previous qualified expenses, it is important that these service contract agreements predate February 15, 2020.

Can you collect unemployment PPP?

While self-employed workers and anyone who gets paid using IRS form 1099 are eligible for both PPP loans and unemployment benefits, you can’t receive both. If you apply for unemployment and the PPP program and receive a PPP loan, you must then withdraw from unemployment.

Is it too late to get a PPP loan?

On July 4, 2020, President Trump signed into law Senate Bill 4116, which will be referred to in this writing as the “PPP Extension Act”. … Without the PPP Extension Act, the deadline to apply for a PPP loan expired on June 30, 2020. The PPP Extension Act changed the deadline to August 8, 2020.