February 15, 2020
If you’re applying for a PPP loan for the first time, here’s what you need to know: To qualify, your business must have been in operation since at least February 15, 2020. You also have to fit into one of the following groups: A small business or nonprofit organization with 500 or fewer employees.

When did SBA announce PPP?

The PPP was established in March 2020 as part of the CARES Act in response to the coronavirus pandemic. Since its inception, the program has given more than $780 billion in forgivable loans to more than 10.7 million borrowers, according to the latest available data.

Will there be another PPP loan in 2021?

There Won’t Be Another PPP Loan in 2021, but Other Programs Can Help. 2020, PPP loans were meant to provide needed relief to businesses faced with shutdowns during the pandemic. The loan program intended to help businesses continue to pay their employees, even if they had to shut their doors.

Can a new business Apply for PPP 2021?

Can I get a PPP loan if I started my business in 2021? Currently only businesses in operation as of February 15, 2020 may apply for a PPP loan.

How long will PPP Round 2 last?

May 31, 2021
Unless Congress extends the program, PPP Round 2 applications will be accepted through May 31, 2021 or until the funds are exhausted.

Are there any questions about the PPP for small businesses?

As such, many small businesses struggle to navigate some aspects of the PPP, such as eligibility and forgiveness. In order to bring more clarity, we’ve compiled some of the most popular questions that have been asked and answered during our Small Business Update series and National Small Business Town Halls from the U.S. Chamber of Commerce.

When to apply for a PPP loan for a business?

The Small Business Administration (SBA) issued a Procedural Notice on October 2, 2020 which offers business owners and lenders guidance on how Paycheck Protection Program (PPP) Loans are to be handled when a business has a change in ownership. This post summarizes the notice and includes an Infographic to assist business owners.

What happens in a merger with a PPP loan?

This means the funds, as well as the expense records related to the loan, must be segregated and tracked to demonstrate compliance with the PPP loan’s requirements. And in the case of a merger, the successor (business) entity will be held responsible for all of the PPP loan obligations.

When is the exclusivity period for PPP loans?

On February 22, 2021, the Biden Administration announced more changes to the PPP program to boost help for underserved small businesses. First, from February 24 through March 9, there is a two-week exclusivity period for businesses with fewer than 20 employees to apply for first- and second-draw PPP loans.