BREAKING: ($100 MILLION) Grants Small Business (EIDL OPEN) PPP LOAN VS PPP2 (MONEY WHEN?)

PPP EIDL Grant PPP 2 and Grants for Business. Your Source for accessing MONEY. Find out how the Feds added an extra week to a popular small business funding program, what’s different between the first and second rounds of PPP loans, and the great news from 1 state that is handing out small business grants to 6,500 local companies

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Here’s your PPP loan, EIDL, and Small Business Grant Update
But first, the Federal Reserve announced that they will be extending the popular Main Street Lending deadline by one week, from December 31st to January 8th

According to the Wall Street Journal: “As of Dec. 23, the Fed had funded more than $15 billion in loans through the program, an increase from $6 billion in loans funded just four weeks earlier”
Eric Rosengren, president of the Federal Reserve Bank of Boston, explained: “The fact that we’ve seen a spike in volume at this time highlights that there certainly was a demand for many midsize firms and nonprofit organizations to use the facility under the terms that we already had,”

I hope that everyone out there that is eligible for one of these small business loans can access these vital funds before they run out in about a week
Meanwhile, I’ve heard from dozens of y’all in the comments, wondering about the differences between the first round of PPP loans in the CARES Act, and the second round just approved in the $2.3 trillion stimulus package

Fortunately, a handy resource over at Quartz offers a breakdown of the 2 small business loan programs and how they are both alike and different from each other

I’ll break it down by PPP #1 and PPP #2

Amount available
PPP #1: $669 billion
PPP #2: $284.45 billion
Maximum loan amount
PPP #1: $10 million
PPP #2: $2 million
Maximum number of employees
PPP #1: 500
PPP #2: 300

Employee retention tax credit
PPP #1: Couldn't claim
PPP #2: Can claim

Additionally, the second round of PPP loans expands support to include: live entertainment venues, non-profits, movie theaters and cultural institutions

Hopefully this clears some things up for you regarding the PPP small business loans offered as disaster relief efforts
Finally, the great state of New Mexico announced that they will be handing out 6,500 small business grants to local struggling companies across the Land of Enchantment

With $100 million in the program, the average small business grant amount was $15,000, and the companies that received funding were the most in need of financial support
Marquita Russel, CEO of the New Mexico Finance Authority, explained: "There's a lot of gratitude out there, not only for what the legislature and governor put forth but for the work our folks have been doing to get the money into the hands of the small businesses that need it the most,”

Shout out to all of my viewers in New Mexico, hopefully y’all were able to claim these vital small business disaster relief grants to make 2021 a little easier
Thank you so much for watching,

I hope you found this video entertaining and informative

I’m Andrew Cartwright, please be safe out there

Take care, love ya
Source: https://www.wsj.com/articles/fed-treasury-extend-main-street-lending-program-cutoff-date-to-jan-8-11609258018

https://qz.com/1950795/whats-different-about-the-second-round-of-ppp-loans/

https://www.kob.com/albuquerque-news/state-approves-6500-small-business-grants/5963428/

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Видео BREAKING: ($100 MILLION) Grants Small Business (EIDL OPEN) PPP LOAN VS PPP2 (MONEY WHEN?) канала Andrew Cartwright