For Our Retail Partners

New Funding for Paycheck Protection Program

The Paycheck Protection Program (PPP) was initially created under the CARES Act of 2020 to help small businesses retain workers through an expansive loan program. 

In December 2020, Congress approved $284 billion additional funding for the PPP to provide more help for business owners and nonprofits. The new legislation includes changes that impact eligibility for initial PPP loans, the loan forgiveness process, and the tax treatment of PPP loans. It also reduces the maximum loan amount from $10 million to $2 million. 

Business owners who have never applied for funding or who are interested in applying for a second loan should consider getting in touch with a PPP lender as soon as possible to learn who’s eligible and how the new funding works. The application period will open once the Small Business Administration finalizes regulations in January, and will remain open until March 31 or until the new funding runs out. 

Who’s eligible for new PPP funding?

• Businesses with fewer than 500 employees, as well as other categories.
• Must have been operational on February 15, 2020.

Who's eligible for Second Draw PPP funding?

• Businesses and nonprofits with fewer than 300 employees
• Must have experienced a greater than 25% reduction in gross receipts during the first, second, third, or fourth quarter in 2020 relative to the same quarter in 2019

How it works

• Government-backed loans are available up to $2 million per business
• Some or all of these loans can be forgiven
• For more information on eligibility and how to apply, contact your lender
• Once open, the application period will run through March 31 or until the funding runs out

For more information on eligibility and how to apply, contact your lender.

LEARN MORE FROM SBA
LEARN MORE FROM US CHAMBER OF COMMERCE

Economic Injury Disaster Loans and Cash Grants of $10,000

Update (January 4, 2021): The Consolidated Appropriations Act extends the Small Business Administration’s COVID-19 Economic Injury Disaster Loan (EIDL) program, with applications for low-interest loans now being accepted through December 31, 2021. 

Who’s eligible?

• Businesses with fewer than 500 employees.
• Must have been operating since January 31, 2020.

How it works

• EIDLs for up to six months of working capital are available
• Collateral is required for loans over $25,000
• EIDLs that are smaller than $200,000 can be approved without a personal guarantee

LEARN MORE

Tax Breaks for Businesses

• Through the CARES Act, businesses may be eligible for an employee retention tax credit
• Businesses can also delay their payroll tax payments
• The Consolidated Appropriations Act significantly expands the employee retention tax credit offered under CARES. The credit expires on June 30, 2021. The prior credit was 50% on $10,000 in qualified wages for the whole year (or a maximum of $5,000 per employee). The new credit is 70% on $10,000 in wages per quarter (or a maximum $14,000 per employee through June 30)

LEARN MORE