January 11, 2020
In case you have forgotten, the SBA is reopening applications for PPP loans January 11. Congress authorized an additional $284 billion for the program, and it is even open to businesses who received a loan in the first round.
Applications open today for financial institutions and community banks that serve low-income and minority communities to process applications. If this does not apply to you, your window for applying opens Wednesday, January 13th.
If you are planning to apply for a second loan, you must use the full amount for authorized uses only, have 300 or fewer employees and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
The SBA website has a lot more information on who qualifies and what you will need to apply.
Still have questions? We are here to help! Give me a call or send me an email. Want a reminder that the application window is open on Wednesday? Be sure to follow me on Facebook or like my Instagram page!
| IMPORTANT DISCLAIMERS: 1. The information above does not constitute legal advice, nor does it create an attorney-client relationship. Please consult your attorney with specific questions. 2. As this situation is constantly changing, we will make every effort to stay current on this topic, however this information is provided as general guidance and may not apply to your situation, nor should it be relied upon exclusively. Please consult and confirm with your attorney if you have questions about these updates or their applicability. 3. In some jurisdictions this communication/website might constitute legal advertising. The choice to hire an attorney who is right for your business should not be made based solely upon advertisements. If you would like to learn more about our firm, please click here to learn about our firm and how to contact us. |
Copyright © *2022* *Law Offices of Lindsey King*, All rights reserved.*
Copyright © *2022* *Law Offices of Lindsey King*, All rights reserved.*
