Updates to the Paycheck Protection Program (PPP)
* The PPP application deadline has been extended until May 31st, 2021. The Small Business Administration will have until June 30th, 2021 to consider applications.*
The $900 billion COVID-19 relief package recently signed into law set forth some important provisions that impact PPP, please review the key details below.
- $284 billion in additional funding has been allocated for the Paycheck Protection Program.
- This new round of PPP loans is available to both new applicants and those who previously received a PPP loan that meet more stringent eligibility requirements.
- Applicants must have fewer than 300 employees (excluding NAICS code 72 businesses).
- Applicants must show a decline in revenue of 25% or more during any quarter in 2020.
- Loans are now capped at $2M. For those who have already received a PPP loan, the total of the two loans cannot exceed the initial $10M cap.
- NAICS code 72 (Accommodation and Food Service) businesses’ loan amounts will be based on 3.5 times average monthly payroll costs.
- 501 (c)(6) organizations, that are not lobbying organizations, such as chamber of commerce and trade organizations are now eligible if they have fewer than 150 employees.
- Expenses paid for with PPP loans will now be considered tax-deductible.
- PPP loans under $150,000 will have a one-page forgiveness application.
- Economic Injury Disaster Loan (EIDL) advances will no longer be deducted from PPP forgiveness requests. The SBA will be establishing procedures to return EIDL advance amounts already deducted from loan forgiveness.
Helpful links from the SBA:
- SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns (Released 1/6/2021)
- Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021)
- Interim Final Rule on Second Draw Loans (Released 1/6/2021)
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Supporting Community in 2020
Helping community has always been at the core of everything we stand for, and 2020 brought challenges like no other year in recent memory. Between the pandemic shutdowns and wildfires in Northern Colorado, our communities faced many challenges. We rose to the occasion and continue to stand at the ready to help our communities through trying times.
Features
PPP Loans
4,711 First Round PPP Loans totaling $477 million to small businesses
Jobs
Estimated 59,000 jobs saved by supporting local employers
Fundraising
$86,000 raised to support communities impacted by wildfire in Northern Colorado
Loan Deferrals
1,500 customers received much needed relief through our 90-Day Loan Deferral Program