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.

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