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PAYCHECK PROTECTION PROGRAM (PPP) LOANS & SMALL BUSINESS SUPPORT
The legislation includes over $300 billion for first and second forgivable PPP loans.
Unlike the prior loan program, this round will truly be limited to small businesses
that incurred a loss of revenue. Eligibility is limited to:
• Businesses with 300 or fewer employees that have sustained a 25%
revenue loss in any quarter of 2020 as compared with the same period in
2019.
• Small 501(c)(6) organizations that are not lobbying organizations and that
have 150 employees or fewer, such as local chambers of commerce,
economic development organizations, and tourism offices.
• Certain 501(c)(6) nonprofits and Destination Marketing Organizations with
300 or fewer employees that do not receive more than 15 percent of their
revenue from lobbying.
• Local newspapers and T.V. and radio stations previously made ineligible
by their affiliation with other stations.
Forgivable Expenses – will be expanded to include covered (COVIDTRA Sec
304):
• Payroll costs – Including additional group insurance payments, including
vision, dental, disability and life insurance.
• Operational Costs
• Property Damage Costs
• Supplier costs on existing contracts and purchase orders, including the
cost for perishable goods at any time.
• Investments in facility modifications and personal protective equipment
needed to operate safely and technology operations expenditures.
The term
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