Paycheck Protection Program passed as part of the 2020 CARES Act, implemented by the Small Business Administration SBA with help from the Department of the Treasury; What is PPP,How does it work, Misappropriation of PPP Funds, Do you have Information about PPP Loan abuse?
Paycheck Protection Program passed as part of the 2020 CARES Act, implemented by the Small Business Administration SBA with help from the Department of the Treasury; What is PPP,How does it work, Misappropriation of PPP Funds, Do you have Information about PPP Loan abuse?
Happy State Bank Accepting Small Business PPP Loans
Happy State Bank is now accepting applications for the third round of pay check protection loans for small businesses. Happy State Bank says they will begin processing the loans applications Friday January 15 after business hours. You can apply here.
The stimulus package passed last month included $284 billion in funding to restart the small-business relief effort, which made $523 billion in loans last year to 5.2 million recipients. The new funding will be available both to first-time applicants and to some returning borrowers.
Borrowers seeking a second loan will need to demonstrate a 25 percent drop in gross receipts between comparable quarters in 2019 and 2020. Second loans will also be limited to companies with 300 or fewer workers, and the amounts will be capped at $2 million.