Latest Breaking News On - Second draw paycheck protection - Page 1 : comparemela.com
insurancenewsnet.com - get the latest breaking news, showbiz & celebrity photos, sport news & rumours, viral videos and top stories from insurancenewsnet.com Daily Mail and Mail on Sunday newspapers.
Small Business owners are no strangers to being busy.
Between serving customers, managing your employees, marketing your business, financials, payroll, scheduling, and paperwork –there’s little time for much else.
Then you add a global pandemic to the mix and while in many ways the world seemed to slow down, small business owners everywhere had to work that much harder to try to find ways to survive. Now you’re hearing about the second wave of a coronavirus relief program for small businesses offered through the SBA and participating lenders called the Second Draw Paycheck Protection Program.
If you have more questions than answers or feel like there’s no time to begin to understand the program and eligibility, you’re not alone. Commerce Bank of Wyoming is committed to being a resource and supporting your Business. That’s why they’ve compiled a list of your most commonly asked questions.
Milwaukee
, Wis. –
Business owners who received a loan under the Paycheck Protection Program may qualify for the Second Draw PPP Loan. At least $25 billion is being set aside for eligible borrowers with a maximum of 10 employees, or for loans of $250,000 or less to eligible borrowers in low or moderate income neighborhoods. The same general loan terms are applicable as the First Draw PPP Loans with a few changes.
What is the Second Draw Paycheck Protection Program?
The Second Draw Paycheck Protection Program can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.