The Small Business Administration (SBA) announced that the Paycheck Protection Program (PPP) will re-open on January 11.
Based on the SBA’s article some of the key updates includes:
- PPP borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs;
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures;
- The Program’s eligibility is expanded to include 501(c)(6)s, housing cooperatives, direct marketing organizations, among other types of organizations;
- The PPP provides greater flexibility for seasonal employees;
- Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and
- Certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan.
The following paperwork may be needed to apply:
- Profit & Loss Statement
- Balance Sheet
- Last Years Tax Return
- Bank Statements
Dunham Tax Professionals LLC can assist with applying for the loan(s) and creating the documents needed to apply.