Generally, PPP funds can be used for four purposes: payroll, mortgage interest, rent/lease, and utilities. Payroll should be the major use of the loan.
Is there money left in PPP?
As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.
Is the PPP program based on credit?
PPP Credit Checks There does not appear to be any credit check required for PPP loans. That’s somewhat surprising because these loans technically fall under the SBA 7(a) loan program, which typically does require acceptable credit.
What are approved PPP expenses?
Business expenses on electricity, gas, water, transportation, telephone, or internet access are eligible uses of PPP funds and qualifies for forgiveness.
What can the PPP money be used on?
This limitation on use of the loan funds will help to ensure that the finite appropriations available for these loans are directed toward payroll protection, as each loan that is issued depletes the appropriation, regardless of whether portions of the loan are later forgiven.
What is the Paycheck Protection Program ( PPP )?
The Paycheck Protection Program ( PPP) is a $953-billion business loan program established by the 2020 US Federal government Coronavirus Aid, Relief, and Economic Security Act (CARES Act) to help certain businesses, self-employed workers, sole proprietors, certain nonprofit organizations, and tribal businesses continue paying their workers.
Where can I Find my PPP loan application?
Updated June 5, 2021 Search for PPP loan applications by organization, lender, zip code and business type. This data comes from the Small Business Administration, and includes lender-approved loans under the Paycheck Protection Program as of June 1, 2021.
Can a PPP loan be spent on payroll?
Short answer: Yes you can, but you will reduce the amount of your loan that may be forgiven. So you should try to spend at least 60% of your loan on payroll in order to maximize forgiveness. Long answer: The PPP program has dual purposes: to help protect businesses and jobs.
