SBA PPP Update and Application
If your business is in New York, New Jersey or Connecticut the next round of Paycheck Protection Program funding has been approved and $284 billion has been allocated to the program. In order to be eligible for the “second-draw PPP loan” you have to meet the following criteria:
- Your business has less than 300 full-time, part-time, or seasonal employees; if you have multiple locations, you may not have more than 300 employees per location.
- You are able to demonstrate a revenue reduction of at least 25% in the first, second, third or fourth quarter of 2020 (when compared with the same quarter in 2019), or you can compare the entirety of 2019 vs. 2020 to demonstrate the 25% reduction in revenue.
- You have used or will use the full amount of the first-draw PPP.
- Your business was operational before February 15, 2020 and remains operational
Business types that are eligible for first- and second-draw PPP loans include
- Sole proprietors
- Independent contractors
- Self-employed individuals
- Certain non-profits (the new bill has expanded eligible businesses to include 501©(6) non profits
- Seasonal employers (businesses that operate no more than 7 month within a year or earn no more than a third of gross receipts within a six-month period)
- Faith-based organizations that have less than 150 employees
- Housing cooperatives that employ less than 300 people
If your business is in New York City, New Jersey or Connecticut click below
If your business is located in one of the states below please apply for a PPP loan here.
- California (CA)
- Pennsylvania (PA)
- Maryland (MD)
- Washington DC (DC)
- Georgia (GA)
- Florida (FL)
- Texas (TX)
- Michigan (MI)
- Illinois (IL)
- Colorado (CO)
- Iowa (IA)
- Alaska (AK)
- Maine (ME)
- New Hampshire (NH)
- Oklahoma (OK)
- Oregon (OR)
- Rhode Island (RI)
- Tennessee (TN)
- West Virginia (WV)
- US Virgin Islands (VI)
Call 212 360 8899 for information.