Small Business Pandemic Survival Information
The $900 billion pandemic relief package included relief for Small Businesses. The updated programs are intended to make it easier for small business owners to apply and gain funds.
The Small Business Administration (“SBA”) approved $5 billion in new Paycheck Protection Program (“PPP”) loans on January 19 and expanded the network of lenders who can make the loans. More info is available on the SBA Website here. The new loans are a little more restrictive for businesses seeking a second PPP loan. There are caps on the number of employees, the amounts are lower and to qualify applicants must show that they lost 25% or more of their revenue during at least one quarter in 2020.