PPP Loans – Round Two
The latest relief bill signed by Congress on December 21, 2020 includes $284 billion for new Paycheck Protection Program (PPP) loans for small business owners. You may be eligible for this second round of PPP loans even if you participated in the first round.
PPP loan requirements state that businesses need to show that their revenue slid at least 25 percent in any quarter of 2020, compared to the same quarter in 2019. Restaurants and other hospitality businesses such as hotels, bars, ski resorts, campgrounds, and a variety of other tourism-based businesses are eligible for larger loans.
Last year, the Adirondack Regional Federal Credit Union helped 82 small businesses in the Adirondacks and Northern NY receive more than $4.8 million in Paycheck Protection loans. We’re proud to have the chance to once again to offer PPP loan applications to assist small businesses in the North Country stay on their feet through this challenging time.
PPP Loan Forgiveness
The first round of PPP loans were meant to cover payroll and certain other business costs through the end of 2020. If you spent that money on eligible expenses, the Small Business Administration will forgive your loan. But you must apply for forgiveness.
If you took out a PPP loan through our credit union and have not yet applied for forgiveness, get in touch with us so we can help you complete the necessary paperwork.