Paycheck Protection Program Deadlines Approach

Posted March 5, 2021 at 5:30 am by

EDC Offers Free Application Help

From the San Juan Coun­ty Eco­nom­ic Devel­op­ment Council

The Eco­nom­ic Devel­op­ment Coun­cil reminds busi­ness own­ers and man­agers that the dead­line for the SBA’s Pay­check Pro­tec­tion Pro­gram is approach­ing. Small busi­ness­es with few­er than 20 employ­ees can apply dur­ing an exclu­sive appli­ca­tion peri­od for microbusi­ness­es, until March 9, 2021. All busi­ness­es must apply by March 31 for businesses.

The EDC offers free tech­ni­cal assis­tance to small busi­ness­es and non­prof­its, in part­ner­ship with SCORE and oth­er enti­ties, includ­ing in lan­guages oth­er than English.

The PPP pro­gram has improved since last year, specifically:

  • The require­ments to receive for­give­ness have been streamlined.
  • Bor­row­ers may use funds for a broad­er array of expenses.
  • Hard-hit firms like restau­rants may qual­i­fy for high­er fund­ing amounts.
  • More types of non-prof­its are now eli­gi­ble to apply.
  • Eli­gi­bil­i­ty has been expand­ed for many busi­ness own­ers, includ­ing those with some non-fraud felony con­vic­tions or some past default­ed stu­dent loans.
  • Improve­ments have been made for inde­pen­dent contractors.
  • For­giv­en PPP loans are now exempt from fed­er­al income taxation.

Through March 9, SBA and PPP lenders will process loan appli­ca­tions ONLY from small busi­ness­es and non­prof­its with few­er than 20 employees.

This exclu­sive small-employ­er PPP pro­cess­ing win­dow is designed to pro­vide more equi­table relief by tar­get­ing the PPP to our nation’s small­est businesses.

Orga­ni­za­tions with more than 20 employ­ees should pre­pare to sub­mit an appli­ca­tion with their lender after March 9.

More infor­ma­tion about the SBA’s Pay­check Pro­tec­tion Pro­gram, vis­it the EDC’s web­site at www.sanjuansedc.org/covid-19.

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Categories: Business, Government

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