Paycheck Protection Program Loans

Non-investing personal finance issues including insurance, credit, real estate, taxes, employment and legal issues such as trusts and wills
Post Reply
Topic Author
personal_investing
Posts: 7
Joined: Sat Mar 14, 2020 2:02 pm

Paycheck Protection Program Loans

Post by personal_investing »

I have read that Paycheck Protection Program has been resumed in January 2021. I am getting some conflicting information.

"In order to get PPP loan businesses need to demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020."

Is this true even for business applying for PPP loan for the first time? We did not apply for PPP loan last year but are thinking about applying it now.

Are all the conditions/criteria for those applying for PPP loan for the first time, are they same as those of last year?

Our account has been asked to look into it and we are going to talk to bank also, but wanted to see what others have information so far?
Davistax
Posts: 80
Joined: Fri Aug 28, 2015 9:24 pm

Re: Paycheck Protection Program Loans

Post by Davistax »

If you did not apply for the first round, you may still apply for a first draw PPP loan under the original rules (no income restrictions) until 3/31/21.
Post Reply