COVID-19 Relief – You Can Now Apply For The Paycheck Protection Program Loan Forgiveness

The SBA and the treasury announced that applications are now open for small businesses to apply for the Paycheck Protection Program (PPP) Loan forgiveness. All small businesses must apply since this will not be auto-applied on them.

To check if your small business is eligible for applying, the pointers below should give you a comprehensive guideline. Businesses that qualify must fall into the following categories;

  • Any small business concern that meets SBA’s size standards (either the industry based sized standard or the alternative size standard)
  • Any business, 501(c)(3) non-profit organization, 501(c)(19) veterans organization, or Tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of:
    • 500 employees, or
    • That meets the SBA industry size standard of more than 500
  • Any business with a NAICS Code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location
  • Sole proprietors, independent contractors, and self-employed persons

Applications are effective as of the 15th of May, and, if you have any questions, or are struggling to understand one or more of the above, promptly get in touch with us so that we can walk you through everything and help you get that PPP loan forgiveness.

For applications, visit the SBA website and follow instructions thereon.

Ps: Need help on your PPP Loan Forgiveness? Click here to have your Free PPP LOAN Quick Chat with us!

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