PPP Loan - Paycheck Protection Program Updates & Resources
The Paycheck Protection Program (PPP) provides eligible employers and self-employed individuals with a forgivable SBA-backed loan to cover payroll and certain operating expenses during the COVID-19 pandemic. Certain PPP borrowers may qualify for a second PPP loan (e.g., PPP2), which has the same general terms as a first-draw PPP loan (PPP1). In addition, legislative updates allow PPP to be used with other federal COVID-19 relief programs, such as the Employee Retention Tax Credit (ERC) program and other SBA grants and loans, such as the Economic Injury Disaster Loan (EIDL) and Shuttered Venue Owners Grant (SVOG).
The PPP loan application deadline is May 31. 2021. The best place to apply for a PPP loan is via your current bank if they are an eligible PPP lender, or use the SBA's search tool to find a PPP lender in your area.
The program's rules and requirements have changed numerous times since it was launched in April 2020 as part of the CARES Act (we lost track after the 33rd "interim final rule" was released). Please visit the SBA's PPP web page for the most-up-to-date guidance on PPP eligibility, loan applications, and forgiveness requirements.
We suggest that all ASAP clients (1) review the current 2021 PPP loan eligibility rules to see if you are eligible and (2) request the payroll reports from ASAP to help you apply for your first- or second-draw PPP loan before the May 31, 2021 application deadline.
SBA PPP Resources
- How and when to apply for First-Draw PPP Loan
- How and when to apply for Second-Draw PPP Loan
- PPP Eligibility & Application FAQs
- PPP Forgiveness Guidance
- PPP Loan Calculation & Eligibility Guidance for Schedule C Borrowers (revised March 8, 2021)
- Cross-Program Eligibility on SBA COVID-19 Relief Options
Disclaimer: This information is provided as a self-help tool and does not constitute legal or financial advice. Laws, regulations and lending products are changing daily and decisions as to whether or how to use this information and/or what actions to take in response to the COVID19 Pandemic are solely those of the employer. The providers of this information disclaim any and all responsibility and liability for its accuracy, completeness or fitness for your particular business purposes.