Small businesses employ close to half of all American workers. They create two thirds of the new jobs in the private sector, and those businesses reinvest nearly 70% of their revenue in their local communities, building and strengthening them. For the well-being of our communities, we need to sustain these small businesses. The Paycheck Protection Program, or PPP, is a vehicle that can help with that process.
What is the Paycheck Protection Program? The PPP is one of the Coronavirus Relief Options offered by the federal government. The goal of the program is to provide loans to help businesses retain their employees during the pandemic. These loans may be eligible to be forgiven. March 31, 2021 is the deadline to apply for the second round of loans. Does the program work? Is the money really going to small businesses? Check out the PPP Myth vs. Fact pdf here.
The PPP program offers two types of loans, First Draw Loans, for those who have not received a PPP loan before and Second Draw Loans, for businesses who have previously received loans and are eligible for another loan.
The Small Business Association provides a Lender Match that can help connect a business with a lender. Nearby lenders can also be viewed on a map. The SBA also notes that “All Second Draw PPP Loans will have the same terms regardless of lender or borrower.” Check the links and see if your small business is eligible today.