SBA hosting twice-per-week Zoom sessions outlining Paycheck Protection Program
The U.S. Small Business Administration’s Delaware Office will host twice-per-week Zoom sessions outlining the Paycheck Protection Program and fielding questions from session participants regarding the program, including its application and loan forgiveness processes.
The free sessions, which began Jan. 19, will be held from 3 to 4 p.m. every Tuesday and Thursday until further notice.
To log in, visit udel.zoom.us/s/93082799392 and use Zoom ID 93082799392.
To attend by phone, call 1-646-876-9923 or 1-301-715-8592, then dial 93082799392#.
The PPP was created by the federal coronavirus relief act and is administered by the U.S. Small Business Administration in consultation with the U.S. Treasury Department. The PPP provides forgivable loans to eligible small businesses to keep American workers on the payroll during the COVID-19 pandemic. PPP first ran from March to August 2020.
The PPP reopened Jan. 19 for its second round through PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications. First Draw PPP Loans are for those borrowers who have not received a PPP loan before Aug. 8, 2020, during the first round of the PPP. Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.
For updated PPP lender forms, guidance and other resources, visit sba.gov/ppp and treasury.gov/cares.