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Qualifying wages for PPP loan forgiveness and ERC must be tracked separately. Crowdfunding. The ERC provides for up to a $5,000 credit per employee during 2020 and up to $7,000 per employee on a per quarter basis of 2021. The latest round of PPP funding includes special set-aside funding for specific groups of first- and second-draw borrowers: $15 billion for lending by community financial institutions; $15 billion for lending by Insured Depository Institutions, Credit Unions, and Farm Credit System Institutions with consolidated assets of less than $10 billion; $35 billion for new first-draw PPP borrowers; and. The latest round of funding of $284 billion expands on the original PPP goals of providing loans to businesses for payroll and other costs to help those businesses remain viable and allow their workers to pay their bills. They can borrow 2.5 times the monthly profit they reported on their 2019 Schedule C tax form.). Previously, the IRS said business owners could not deduct forgiven PPP expenses like payroll from their taxes. Most startups and venture-backed companies are organized as C-Corporations. Facebook . Nunes said he expects this round of PPP loans to run out within weeks, not months. The new stimulus bill added some items to the list: payments to suppliers, certain property damage not covered by insurance, Covid-related safety gear for workers, and the cost of erecting barriers and otherwise altering spaces to comply with social distancing guidelines and other health mandates. Economic Injury Disaster Loan (EIDL) Advance Grant program which offered small businesses in low-income communities most affected by the pandemic up to $10,000 in cash advances. https://builtin.com/founders-entrepreneurship/PPP-stimulus-VC-startups A second loan can be up to $2 million. For a 10-person company, that could be another $70,000 in free tax credits per quarter. Some startup founders hesitated to apply for the SBA’s PPP loans because they feared Main Street businesses may need them more. Crowdfunding. The maximum loan size for a second PPP loan … Instead of focusing on your business’s revenue and debts, these lenders look at your personal credit and finances. The new legislation also changes the rules for employee retention credits (ERC), so that companies no longer have to choose between ERC or a PPP loan, and can retroactively apply for ERC. Your forgivable amount will scale in proportion to the amount you spend on payroll, up to the total loan amount. Start your PPP application. First, determine the average number of full-time equivalent employees you had for: The 8-week or 24-week period following your initial loan disbursement, (A), and January 1, 2020 to February 29, 2020. Payments to independent contractors cannot be included in the payroll costs. Related: PPP Forgivable Loans Will Be Unforgiving for Many. This requirement will be individually assessed for every employee that did not receive more than $100,000 in annualized pay in 2019. You do not need to adjust your payroll schedule. The process is simplified for sole proprietors. It would be viewed as getting a double benefit, but many lawmakers noted that this was indeed their intention when crafting the Cares Act. Update March 29, 2021: Small-business owners now have until May 31, 2021, to apply for a first- or second-draw loan through the Paycheck Protection Program. If any of these conditions apply to an employee, you can also qualify for an exemption: They voluntarily requested and received a reduction of their hours. Covered supplier costs – any supplier goods needed to run your company are eligible, as long as the contract or purchase order was in force prior to receiving the loan. Paycheck Protection Program (PPP) loans are designed to help small businesses—and nonprofits—keep employees on the payroll, but what exactly does that mean? Forgiven PPP expenses are tax-deductible. Some loan programs set restrictions on how you can use the funds, so check with an SBA-approved lender when requesting a loan. The community advantage program will be expanded through the relief package, and is one of the few SBA loan programs that’s eligible for startups, Nunes said. Small businesses that still want a loan will need to get one quickly, or turn to other programs. Maybe your friends and family are going to give you cash to put in the bank to run the business, but you can leverage business credit cards to turn business … You must maintain at least 75% of total salary. Community Development Financial Institutions, Startup Junkie, 1 East Center Street, Fayetteville, AR, 72701, United States, Understand the Updated Paycheck Protection Program – 2021 PPP Loan Guide, SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application, SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application, SBA Form 3508S Paycheck Protection Program Forgiveness Application, Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide, Borrower’s Disclosure of Certain Controlling Interests. With the most recent round of PPP loans, BlueVine is currently only catering to PPP loan applicants. Here is the calculation you can use to determine if you’ve met this requirement. In the program’s first round, the Small Business Administration approved lenders’ applications instantaneously, allowing some loans to be disbursed just hours after the borrower applied. Startup business loans work a little differently than funding options for established businesses. 1099-MISC forms for 2020 may need to be provided as supporting … The “covered period” for the loan is between 8 and 24 weeks, and the period generally begins the day the loan funds are disbursed. For loans being disbursed July 16 and later, this means that you will not be able to take full advantage of the 24 weeks. Stay up to date with recent funding rounds, acquisitions, and more with the Do the same with B2. Second Draw Paycheck Protection Program (PPP) Loans: How to Calculate Revenue Reduction and Maximum Loan Amounts Including What Documentation to Provide (Released 1/19/2021), Second-Draw-PPP-Loans--How-Calculate-Revenue-Reduction-Maximum-Loan-Amounts-Including-Documentation-Provide1192021.pdf (treasury.gov), Borrower’s Disclosure of Certain Controlling Interests (Released 1/19/2021). Exact requirements vary by lender, but applicants will generally need copies of their payroll records. Institute a 14-day period, starting Wednesday 2/25/2021, during which only businesses with fewer than 20 employees can apply for relief through the Program. For example, if a sole proprietor’s average monthly income is $2,000 a month, the maximum amount they could receive from a PPP loan would be $5,000 ($2,000 x 2.5). Finally, another creative form of funding for startups is crowdfunding. To qualify, a company must have fewer than 100 employees and have experienced a quarter with a significant decline in revenue. Companies with larger loans can also have their debt forgiven, but the process is more paperwork-heavy and requires the company to show they used the PPP loan as intended, according to Jones. A typical loan will take at least a few days to go from application to payment. Sole proprietorships, contractors, and gig-workers are eligible for a PPP loan amount based on their net income. The best place to start will be a bank you’ve used already. Businesses that didn’t receive a forgivable loan the first time around or need additional help can again apply for assistance. The new law also eliminates the tax consequences of receiving a PPP loan if your PPP loan was forgiven, confirms Neil Bradley, executive vice president of the U.S. Chamber of Commerce. 4/17/2020 → Small Business Loan Program Hits Funding Limit; 4/21/2020 → Startups Need More Than Current Relief Loans; 4/24/2020 → Pandemic Underscores Need for Broadband Boost; 4/28/2020 → Looking Beyond PPP Loans for Startup Relief; 5/1/2020 → Lawmakers Propose Freezing Mergers During Pandemic; 5/5/2020 → Broadband Access Critical to Startups, Consumers; 5/8/2020 … Now, a sole proprietor’s loan amount eligibility is based on their net profit from 2019, divided by 12, to determine an average monthly net profit. Thousands of community banks and specialist lenders are also participating. In the early days of the current pandemic, tech companies and venture investors (VCs) complained about confusion regarding startup eligibility [9] for the PPP loans … In order to have a PPP loan forgiven, businesses that borrowed $150,000 or less will simply need to submit a one-page certification that includes the number of … (Publicly traded companies, political lobbyists and members of Congress are barred from receiving a second loan.). If you get a number equal to or larger than 1, you successfully maintained your headcount and meet this requirement. Allow small business owners with prior non-fraud felony convictions ability to apply for the PPP loan. ConsultingWorkshops and ProgramsMentorsCoworkingCapitalPodcast. Loans that aren’t forgiven carry a 1 percent interest rate and a repayment term that will generally run for five years. “The second round of PPP actually makes it a little bit trickier for startups,” Stephen Nunes, director of small business capital services provider Next Street, said in an interview with Crunchbase News. How Quickly You Can Expect to Receive Funds. Eligible businesses can already start applying for these loans (and we recommend you apply NOW if you haven’t already). Eligible expenses are those that are incurred over 24 weeks, starting from the day the first payment was made by your lender. TLDR: Although the U.S. Small Business Administration is once again accepting applications from small businesses for Paycheck Protection Program loans, many startups still remain ineligible for the emergency funding that they need to survive the economic downturn caused by the coronavirus pandemic. Your Schedule C does not need to be filed, but should still be reviewed by a tax professional for accuracy and completion. Here's how much is left for new loans. Take the largest number you obtain. The funds from the PPP can be used for the following purposes: Payroll—salary, wage, vacation, parental, family, medical, or sick leave, health benefits, Mortgage interest—as long as the mortgage was signed before February 15, 2020, Rent—as long as the lease agreement was in effect before February 15, 2020, Utilities—as long as service began before February 15, 2020. Businesses must also have 300 or fewer employees and have used up their first PPP loan or expect to use it up by the time they receive the second loan. The new SBA rules make it easier for sole proprietors to both calculate their eligible loan amounts and apply for forgiveness. A Paycheck Protection Program (PPP) loan is a potentially-forgivable government-backed loan designed to help small businesses and nonprofits that have experienced business disruptions due to the COVID-19 pandemic. The SBA's PPP loan funding is dwindling. In other words, if you received both a $10,000 EIDL and a $100,000 PPP loan, you’d only be able to get a maximum of $90,000 of your PPP forgiven. The $900 billion stimulus package President Donald Trump signed into law on Dec. 27 included $284 billion for the Paycheck Protection Program. If you’re a seasonal employer, you must divide by B1. The funding expires on March 31, 2021, or when the funds are exhausted. “I think it’s a silver lining within the legislation that while PPP is harder for startups to access, there are other programs that the federal government is providing support to like the community advantage (for more growth capital),” Nunes said. $15 billion and $25 billion for first-draw and second-draw PPP loans for borrowers with 10 employees or fewer, or for loans of less than $250,000 to borrowers in low-or moderate-income neighborhoods. However, due to the nature of your new business, you can calculate your loan amount based on your average average total monthly payroll costs incurred from January 1, 2020 to February 29, 2020 and multiply that by 2.5. Be in the know in Northwest Arkansas’ startup scene. © 2021 Crunchbase, Inc. All Rights Reserved. One aspect of the new PPP loan legislation that’s more favorable to businesses is the loan forgiveness process, Jones said. He pointed to the community advantage program, a program within the SBA’s working capital program. Companies have until June 30 to apply for a PPP loan. Small businesses of all stripes are now rushing to apply for the program’s $349 billion in available loan money (and possibly another $250 billion if … Certain perishable goods may also be eligible, as long as they're deemed essential to the business. The SBA has canceled its previous requirement that anyone who received an EIDL and was applying for forgiveness had to first subtract the amount of the EIDL from the amount that could be forgiven. For Kruze Consulting, which helped many startups with their PPP loan applications, that means rather than 10 percent of VC-backed startups it works with being able to fill out the form for loan forgiveness, now more than 50 percent can. How to Obtain Loan Forgiveness. This means that even if your gross receipts were down at the start of the pandemic and increased later in the year, as long as you can still show that your business earned less in that quarter of 2020 versus 2019, you’re satisfying that requirement. Most still require you to have at least six months in business and … Crunchbase Daily. Contractors in operation on February 15, 2020 can apply for the PPP using a completed Schedule C for 2020. Crunchbase is the leading destination for millions of users to discover industry trends, investments, and news about global companies–from startups to the Fortune 1000. Paycheck Protection Program Loans (PPP Loans) Any good startup business funding plan will use a combination of these different methods to launch their company. So if you’re looking for standard loans, take a look at other lenders for now. (For sole proprietors, the calculation is different. Please consult your banker for relevant updates. December 31, 2020 is the final cutoff date for eligible expenses. Eligible borrowers can qualify for up to 2.5 times their monthly payroll costs. The following are all considered forgivable utilities expenses for the PPP: At least 60 percent of your loan must be used for payroll costs. … This is not necessarily the date on which you signed your loan agreement. Second Draw PPP Loans. The Treasury’s official guidance has two examples of acceptable rent expense: Rent for a warehouse where you store business equipment, Rent for a vehicle you use to perform your business. Second-loan applicants must have 300 or fewer employees. It’s administered through the Community Development Financial Institutions Fund and would allow startups to receive a working capital loan that they don’t need to make payments on for six to nine months. Calculating the maximum loan amount: Two and a half months’ worth (three and a half for entities in the hospitality industry) of the average payroll for the last twelve months through date of application or 2019. This is more straightforward than the previous calculations used to determine loan size eligibility. Food services and lodging businesses, such as restaurants and hotels, can get loans of 3.5 times their average monthly payroll, but the $2 million cap still applies. If you get a number smaller than 1, you did not maintain your headcount and your forgivable expenses will be reduced proportionately. Popular crowdfunding platforms like KickStarter allow anyone with a vision, including … Looking Beyond PPP Loans for Startup Relief. Email. All payroll that your employees incur over the 24 weeks is eligible, even if the actual payout date falls outside the eight weeks. Like other PPP loans, the interest rate for all second-draw PPP loans is set at 1%, and no personal guarantee or collateral is required. This number is then multiplied by 2.5 to calculate what the maximum PPP loan amount might be, subject to a $20,833 cap. Now, the pot of money has run out. They must also show that they used all of the money from the first loan in allowable ways. Linkedin. But the relief package also includes other programs that are more startup friendly, Nunes said. Many lenders will also request the business’s 2019 tax return and documents like articles of incorporation or a state business registration certificate. PPP loan forgiveness. Businesses must also have 300 or fewer employees and have used up their first PPP loan or expect to use it up by the time they receive the second loan. Businesses with more than 500 employees are eligible in certain industries, which is one of the features that make the PPP different from other SBA loans.” However, seeing whether you qualify is not a simple matter of taking a head count of the people working in your office. If you received your PPP loan before June 5, you can still use an 8-week period. Note that employees who reject offers for re-employment may no longer be eligible for continued unemployment benefits. When a PPP Loan is forgiven, a C-Corporation can deduct no expenses paid by the PPP Loan proceeds. For most businesses, PPP loan amounts are calculated based on average payroll costs over the past year. This latest law codifies that intention. Eligible Expenses: What can the money be used for? The second-draw loans are more targeted than first-time PPP loans, and to qualify, businesses must 1) have previously received a PPP loan and used the full amount only for authorized uses; 2) have fewer than 300 employees; and 3) have had a 25% reduction in gross receipts during at least one quarter of 2020 versus the same quarter of 2019. This expansion of eligible expenses also allows a small business to retroactively claim the Employee Retention Tax Credit (ERC) as far back as March 2020 through the second quarter of 2021. See our FAQs for more info on PPP for new businesses started in 2020. CLICK HERE TO DOWNLOAD THE PPP LOAN FORGIVENESS APPLICATION FORM, SBA Form 3508 Paycheck Protection Program Loan Forgiveness Application (updated 01-19-21), SBA Form 3508EZ Paycheck Protection Program Loan Forgiveness Application (updated 01-19-21), SBA Form 3508S Paycheck Protection Program Forgiveness Application (updated 01-19-21), Loan Forgiveness Requirements and Loan Review Procedures as Amended by Economic Aid Act. On the face of it, the process seems quite simple on how the loan is forgiven. SBA clears way for startups to apply for PPP loans. Borrowers don’t have to keep their employees’ head count and wages at pre-pandemic levels to have their loan forgiven, if they certify that they had to cut staff to comply with federal guidance on “sanitation, social distancing, or any other work or customer safety requirement related to Covid-19.”. Maximum loan amount and increased assistance for accommodation and food services businesses For most borrowers, the maximum loan amount of a Second Draw PPP loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. The new round of PPP loans come with additional guidelines, which were released by the Small Business Administration on Wednesday night. The second draw of PPP loans is designed for businesses that had “decent revenue” in 2019 and saw a significant drop in 2020 year over year, Nunes said. The Small Business Administration runs a Lender Match program to connect applicants with willing lenders. While the loans are intended largely for payroll-related costs like salaries and health insurance premiums, you can actually use a PPP loan to cover a wide range of pandemic-related operating costs. You must have made an written offer to rehire in good faith, You must have offered to rehire for the same salary/wage and number of hours as before they were laid off, You must have documentation of the employee’s rejection of the offer. This reduces the after-tax benefit of a PPP Loan for C-Corporations. (B2). A lot of businesses struggled with their PPP loan application because it wasn’t clear what was a personal expense and what was a business expense. “Basically for every employee you retained, it can be up to a $7,000 to $10,000 payroll credit per quarter per employee,” Jones said. If you haven’t already, establish a business bank account. Borrowers may be eligible for PPP loan forgiveness.. SBA is currently offering PPP loans until May 31, 2021.President Biden announced program changes to make access to PPP loans more equitable.. 1. Like grants or … Daily Report Staff - April 13, 2020. Most borrowers seeking a second loan will be able to apply through the lender that issued their first loan. Lenders are not required to collect that proof before making a loan under $150,000, but they must get it before the loan is eligible to be forgiven. Are all small businesses eligible for PPP loans? If the employee rejects your re-employment offer, you may be allowed to exclude this employee when calculating forgiveness. Most lenders plan to ask for it during the application process. The maximum loan size for a second-draw PPP loan is $2 million, versus $10 million for a first-time PPP loan. Once BlueVine goes back to its usual loan options, we’ll let you know. Additional eligible expenses for loan forgiveness include: Covered operations expenditures – anything from human resources expenses like payroll processing fees or benefits administration fees to accounting software expenses. Some of the information in this guide is subject to change as new guidance is issued or rules are changed. Startups that received PPP loans last year included Karma Automotive, Turo, and Mixpanel, according to CNBC. Companies that received loans of less than $150,000 in the first round can request forgiveness–up from $50,000–through a simpler process with minimal paperwork. The new revenue requirement does make it harder for pre-revenue startups to access capital, but they’re more friendly for companies that had their growth negatively impacted, Jones said. At least 60 percent of the loan must be used to pay workers, and the rest must be spent on qualifying expenses. *We are working quickly to synthesize as much relevant information as we can regarding new legislation and issued updated and guidance from the U.S. Small Business Administration and U.S. Treasury Department. If the employee’s pay over the 24 weeks is less than 75% of the pay they received during the most recent quarter in which they were employed, the eligible amount for forgiveness will be reduced by the difference between their current pay and 75% of the original pay. You don’t have to subtract Economic Injury Disaster Loans (EIDL) from your forgivable PPP funds. Twitter. But that doesn’t mean lenders are willing to work with businesses that haven’t actually opened their doors. The main factors to consider are whether you’re a self-employed individual collecting the owner compensation benefit, and whether you have enough eligible expenses to spend the loan on. The Paycheck Protection Program (PPP) is providing loans for up to $10 million to small businesses under the CARES Act. Healy Jones, vice president of Kruze Consulting, an accounting, tax and HR firm that works with startups, said the more specific requirements for loans is a good thing, and it alleviates confusion by clearly defining what economic distress a company needs to experience to qualify for a loan. The previous round of loans was a larger amount: $525 billion compared to the $284 billion available now. It doesn’t matter when in 2020 your business struggled. To be eligible for a second loan, you must show at least a 25% reduction in gross receipts in any quarter of 2020 versus the same quarter in 2019. Also, while the original forgiveness was centered around payroll, the new legislation increases the expenses that are eligible for forgiveness, like cloud-based software for remote teams and protective equipment, Jones said. Get $500 to $5.5 million to fund your business Loans guaranteed by the SBA range from small to large and can be used for most business purposes, including long-term fixed assets and operating capital. You must maintain the number of employees on your payroll. You may also be required to demonstrate you were unable to hire similarly qualified employees for unfilled positions, or document that due to safety requirements, you were unable to return to normal operating levels. Covered worker protection expenditures – any cost associated with meeting public health guidelines, from installing a drive-through window to masks and gloves. “Because to access another PPP loan for businesses that have benefited from a PPP loan in the first round you have to show a 25 percent reduction in revenue in a quarter, in any quarter (of 2020). This time, the agency has added more fraud checks, and many lenders have also intensified their vetting. If you have not received a Paycheck Protection Program (PPP) loan before, First Draw PPP loans may be available to you. And that’s one of the key changes.”. As of January 2021, certain eligible borrowers that previously received a … Lobbying activities cannot comprise more than 15% of total activities of the organization, The rules are more strict for those seeking a second loan. Not sure if you should go with the 8-week or the 24-week covered period? It’s critical for lawmakers to pursue … Startups that received loans through the Paycheck Protection Program last year and are looking to apply again face more stringent requirements this time around to qualify for another loan. Borrowers can choose how much time they want to spend the money, as long as it’s between eight and 24 weeks. Among the most significant changes: Businesses that already received a PPP loan and are applying for a loan a second time must show a specific decline in quarterly revenue year over year. 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