Information Session to Provide Updates on Paycheck Protection Program
By Colin McEvoy on January 21, 2021
With the launch of the second round of Paycheck Protection Program (PPP) loans, Lehigh University’s Small Business Development Center (SBDC) is hosting a free information session to provide updates and answer questions about the program.
The session will be held on Friday, Jan. 29, hosted virtually via Zoom from 9 a.m. to 10:30 a.m. Attendance is free but pre-registration is required. Visit here to register and for more information.
The event will provide updates to relief programs available through the SBA, outline important details from the second round of the PPP, and highlight updates to the program, general rules and guidelines, and eligibility requirements for first and second draw.
A question-and-answer session will follow the presentation. Registrants will receive a unique webinar link one day before the webinar, as well as a reminder email one hour before the webinar, according to the SBDC.
PPP was one of several financing programs that have been restored or introduced to provide emergency loans to small businesses and non-profit organizations seeking to maintain workers and cover costs during the COVID-19 crisis.
Information about all these and other federal, state, and local assistance programs can be found on the LVEDC website at lehighvalley.org/covid19 and lehighvalley.org/financing. LVEDC is dedicated to providing information to regional companies about financing programs and other resources available during the COVID-19 crisis.
The PPP, which previously provided emergency COVID-19 grants to multiple Lehigh Valley companies, was reinstated effective Jan. 11.
501(c)(6) organizations are also now eligible for PPP loans under the updated program, and some of the funding has been designated specifically for underserved businesses, such as woman-owned and minority-owned businesses.
Eligible businesses and organizations may apply for PPP loans through March 31. Loan eligibility has been expanded from the first PPP loan cycle, according to SBA and the U.S. Treasury Department. Visit here for more information on how to apply.
The loans, which are available for both new borrowers and certain existing PPP borrowers, may be forgiven if businesses meet PPP employee retention criteria and use the funds they receive for eligible expenses.
The SBA is also accepting applications for Economic Injury Disaster Loans (EIDL), which includes loans and grants. Available through all of 2021, the EIDL loans provide up to $2 million in financial assistance for small businesses experiencing a temporary loss of revenue. Grants are available offering up to $1,000 per employee, with a maximum of $10,000.
The SBA also announced a new program called Save Our Stages!, which authorizes $15 billion for grants to eligible live venue operators or promoters, theatrical producers, live performing arts organization operators, museum operators, motion picture theater operators, or talent representatives who demonstrate a 25% reduction in revenues. More information will be announced soon.
Other recently extended or updated with more attractive terms financing programs available for small businesses include the SBA Express Bridge Loan Pilot Program; debt relief for Section 7(a), 504 and Microloans; the extension of the Employee Retention Tax Credit, and an extended deferral of social security tax payments.
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