What Business Owners Need to Know about the Latest Round of PPP
Posted by City of Philadelphia on January 26, 2021
The federal Paycheck Protection Program (PPP) has reopened applications for eligible businesses. Businesses that did not receive a PPP loan last year (“First Draw” businesses) are eligible to apply if they have 0-500 employees.
Businesses that received a PPP loan last year and are seeking another PPP loan (“Second Draw” businesses) are eligible to apply if they have 0-300 employees. Sole proprietors may be eligible to apply. Existing borrowers who did not receive loan forgiveness by December 27, 2020 are eligible to reapply for a First Draw PPP loan if they previously returned some or all of their First Draw PPP funds.
The Small Business Administration (SBA) will forgive PPP loans if the funds are used for eligible expenses, such as utilities, rent, mortgage interest, payroll and/or owner compensation replacement.
Get the details on the new round of PPP and browse our list of resources available to Philadelphia businesses here.
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