Getting a Loan from the Renewed Paycheck Protection Program (PPP)

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Overview of 2021 Changes to PPP
When PPP Applicants Can Apply
Major Changes in PPP Eligibility
Public companies Businesses primarily engaged in political or lobbying activities Businesses with significant operations or a 20% owner or board member who resides in the People’s Republic of China or Hong Kong Anyone required to submit a registration statement under the Foreign Agents Registration Act
Non-profit business leagues, chambers of commerce, real estate boards, and boards of trade Destination marketing organizations Bankrupt entities Housing cooperatives News organizations
First Draw Loan Requirements
500 employees or less $10 million loan maximum Sole proprietors, contractors, and self-employed individuals are still eligible
Second Draw Loan Requirements
2021 PPP Forgiveness
Business and cloud computing software Property damage caused by civil unrest (that’s not covered by insurance) Supplier costs pursuant to contracts before the loan disbursement date or for goods that are essential to the business’s operation Personal protective equipment (PPE) or other expenditures related to COVID-related health requirements, such as sanitation and social distancing
How to Find PPP Financing through Lantern Credit
SOLC21010
About the Author
Lauren Ward is a personal finance expert with nearly a decade of experience writing online content. Her work has appeared on websites such as MSN, Time, and Bankrate. Lauren writes on a variety of personal finance topics for SoFi, including credit and banking.
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