Loans, Grants & Financial Information
Discover loans and funding options available to small businesses
New legislation extends the Paycheck Protection Program (PPP) application deadline from March 31 to May 31. The PPP Extension Act of 2021 also gives the Small Business Administration (SBA) an additional 30 days beyond May 31 to process those loans.
The new deadline applies whether a business is applying for a first-time PPP loan or a second-draw PPP loan.
Two final interim rules outline the process for applying under the 2nd round of the PPP.
The Community Bankers of Michigan has created this helpful resource on the Paycheck Protection Program Round 2.
If you had a first round Paycheck Protection Program loan, here is the forgiveness application:
On Dec. 21, 2020, Congress passed the Consolidated Appropriations Act, 2021 (CAA) which included multiple tax law changes and the Coronavirus Response and Relief Supplemental Appropriations Act, a $900 billion pandemic relief provision. President Trump signed the CAA into law on Dec. 27.
In passing this latest round of coronavirus relief measures, Congress aimed to expand programs first introduced in the Coronavirus Aid, Relief, and Economic Security (CARES) Act and the Families First Coronavirus Response Act (FFCRA). For example, CAA adds $300 to extended weekly unemployment benefits and provides more than $300 billion in aid for small businesses. It also ensures tax deductibility for business expenses paid with forgiven PPP loans. The CAA also features several non-COVID-19-related tax provisions that had been set to expire at the end of 2020.
The second round of PPP loans is similar to the first, with several important differences. Highlights include:
Information provided by Rehmann.
If you are a small business owner in need of help due to the impacts of COVID, you can submit your application at: TheBarstoolFund.com/apply
If you are able to help, you can make a tax deductible contribution to support small businesses featured here by clicking “Contribute to the Fund.” You can also support small businesses by purchasing one of the shirts here.
100% of the net proceeds will go towards supporting small businesses.
Small business owners and qualified agricultural businesses in all U.S. states and territories are currently eligible to apply for a low-interest loan due to COVID-19. Agricultural businesses with 500 or fewer employees are now eligible as a result of new authority granted by Congress in response to the pandemic. Agricultural businesses include those businesses engaged in the production of food and fiber, ranching, raising of livestock, aquaculture, and all other farming and agricultural related industries (as defined by section 18(b) of the Small Business Act (15 U.S.C. 647(b)).
Some loans approved prior to the week of April 6, 2021 will be eligible for an increase based on new loan maximum amounts announced March 24, 2021. Businesses that received a loan subject to current loan limit do not need to submit a request for an increase at this time. SBA will reach out directly via email closer to the April 6, 2021 implementation date to provide more details about how businesses can request an increase.
If an applicant accepted a loan for less than the full amount originally offered, the application will have up to two years after the date of the loan promissory note to request to request additional funds. Applicants may continue to request additional funds even after the application deadline of December 31, 2021.
The Shuttered Venue Operators (SVO) Grant program was established by The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act, signed into law on December 27, 2020. The program includes $15 billion in grants to shuttered venues, to be administered by the Small Business Administration’s Office of Disaster Assistance.
Eligible applicants may qualify for SVO Grants equal to 45% of their gross earned revenue, with the maximum amount available for a single grant award of $10 million. $2 billion is reserved for eligible applications with up to 50 full-time employees.