2021 Small Business Loan Guide to the New Stimulus Bill: PPP and EIDL

Nav Education Director Gerri Detweiler offers a simple guide for small business owners to take advantage of the new stimulus bill. Subscribe to GoDaddy on YouTube: http://bit.ly/GoDaddy-Subscribe

0:23 What are the two main funding programs for the stimulus package?
0:41 What is the PPP?
1:04 How to apply for a PPP loan
1:33 What is the EIDL loan/program and EIDL grant?
2:04 How to apply for the EIDL loan or grant

The new stimulus package may be the very thing that many small business owners need to survive the continued pandemic. There are currently two main programs for small business owners to receive funds provided by the stimulus legislation: Payment Protection Program (PPP) and Economic Injury Disaster Loan (EIDL). Whether you received funding or missed out on the PPP loan last year, credit expert Gerri Detweiler encourages small businesses to reach out to an SBA-approved PPP lender to apply for the loan this year. For businesses who didn’t receive the full EIDL grant amount in 2020, new funding is available to apply for at sba.gov. By looking at the government as a client with a specific budget to allocate, small business owners must do everything in their power to take advantage of those funds, which will help propel their business forward to overcome financial challenges during a global crisis.

Learn more about “New stimulus bill: 5 mistakes that can cost you a COVID relief grant or loan” on the Open We Stand blog: https://www.openwestand.org/new-stimulus-bill-5-mistakes-that-can-cost-you-a-covid-relief-grant-or-loan

More on PPP:

Small Businesses Seek PPP Loan Forgiveness during COVID-19: https://www.youtube.com/watch?v=Xh4RKD-JHBQ&list=PLdg4YtrtIzukhcLkim_J0kBP7YIDLb8f0&index=30&t=8s

Should Small Business Owners Apply to the PPP?: https://www.youtube.com/watch?v=q76Ndwi90dI&list=PLdg4YtrtIzukhcLkim_J0kBP7YIDLb8f0&index=34&t=6s

CARES Act & Paycheck Protection Program PPP for Small Businesses Explained: https://www.youtube.com/watch?v=07C2Lh30nN8&list=PLdg4YtrtIzukhcLkim_J0kBP7YIDLb8f0&index=42&t=32s
References:

The new stimulus package Includes $284 billion in funding for small businesses. https://www.nytimes.com/live/2021/01/13/business/us-economy-coronavirus

To apply for a second PPP loan you must have fewer than 300 employees and a 25% drop in revenue in any quarter of 2019 or 2020. https://www.forbes.com/sites/allbusiness/2021/01/02/5-ways-the-new-stimulus-bill-may-help-your-small-business/?sh=6a94ad666ae9

Neither forgiven PPP loans nor EIDL grants will be taxed. https://www.firstmidwest.com/we-have-ideas/5-ways-the-new-stimulus-bill-may-help-your-small-business/#:~:text=Neither%20forgiven%20PPP%20loans%20nor%20EIDL%20grants%20will%20be%20taxed.&text=That's%20especially%20important%20here%20since,or%20loans%20may%20be%20audited

The legislation also creates a simplified forgiveness application for businesses that received PPP loans under $150,000. https://smallbusiness.com/pandemic/small-business-highlights-of-the-covid-stimulus-package

Most eligible businesses can get a maximum loan that is 2.5x their average monthly payroll costs. https://bangordailynews.com/2021/01/07/business/maine-small-businesses-have-new-options-for-pandemic-relief-under-new-stimulus-bill

Learn more about Rodney Sampson:
https://www.linkedin.com/in/rodneysampson
https://www.brookings.edu/experts/rodney-sampson

Resources for Small Businesses:
Venture Forward study: https://www.godaddy.com/ventureforward
GoDaddy small business tools and resources: https://www.openwestand.org
Up-to-date info on COVID-19: https://www.cdc.gov
COVID-19 resources and grant information: https://www.covid19businesscenter.com

The information contained in this video is provided for general informational purposes only and should not be construed as an endorsement or advice (including legal, tax or otherwise) from GoDaddy on any subject matter.

#GoDaddy #OpenWeStand #PPPLoan #EIDL #SmallBusinessLoan

Видео 2021 Small Business Loan Guide to the New Stimulus Bill: PPP and EIDL канала GoDaddy