New PPP Loans and EIDL Grants: Stimulus Relief Explained | How to Qualify & Apply for PPP Loans

More PPP loans, EIDL grants, Pandemic Unemployment benefits and other small business relief are coming soon. Here we do our best to explain the legislation that includes a new round of Paycheck Protection Program (PPP) loans some are referring to as “PPP 2.0”.

We also cover the details in this article: https://bit.ly/3pdJFYv

PPP applications are open! Apply with Nav today: https://bit.ly/3nyHspt

Many small businesses and independent contractors may be eligible for the new PPP loans. You may even qualify for a second loan if you received funds in the first round of PPP. New applicants are welcome as well as long as they qualify.

First, similar to the first rounds of PPP, eligible small businesses may include:

- Small businesses, nonprofit organizations, veterans organizations, Tribal business concerns, and small agricultural cooperatives that meet the SBA size standards.
- Sole proprietors, self employed individuals or independent contractors.
- Certain news organizations, destination marketing organizations, housing cooperatives, and 501(c)(6) nonprofits may now also be eligible.

In addition, this round of assistance is meant to target smaller businesses impacted by COVID-19. As a result, applicants who qualify generally must also meet the following criteria:

1. The business may not have more than 300 employees and
2. The business must have at least a 25% reduction in revenues in at least one quarter in 2020 when compared to previous quarters (details below)

Also the business that got a first PPP loan must have used, or plan to use, their full PPP loan already received.

Please keep in mind this information is changing rapidly and is based on our current understanding of the programs. It can and likely will change. Although we will be monitoring and updating this as new information becomes available, please do not rely solely on this for your financial decisions. We encourage you to consult with your lawyers, CPAs and Financial Advisors. To review your real-time funding options with one of Nav’s lending experts, please contact us.

#ppp #ppploan #eidlgrant #stimulus #smallbusiness

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