The latest COVID relief bill that passed Congress just before Christmas includes a number of provisions for businesses. Most notably round one of the Paycheck Protection Program (PPP) has re-opened, and a second round is now available with different parameters than the first. $285 billion has been allotted to the re-opened first round PPP and the new second round. Read on for the differences and similarities between the first and second rounds of the PPP and how your business can claim funds either as a previous or new PPP borrower.
To be eligible for the second round of PPP, borrowers must
Borrowers of the first round of PPP may be eligible for a second round PPP loan if
Things that have not changed between the first and second rounds of PPP include
Changes to the second round of PPP include
You may apply for the Paycheck Protection Program round one or round two via your preferred bank or lender, however it is the borrower's responsibility to certify certain aspects of their application. For this reason we recommend that you consult with your lawyer or accountant with any questions or concerns regarding your eligibility for the loan. Every business' situation is unique and your lawyer or accountant will be most familiar with your specific circumstances. Our friends at CenterState Bank do provide a checklist of necessary supporting steps and documents to help get you started.
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On Wednesday, January 13, we spoke with Amber Adams, Osceola Community President and Senior Vice President for CenterState Bank about these new changes to the PPP. View that conversation below. Please contact us at cpilkington@theosceolachamber.com if you would be interested in participating in a more in-depth closed Zoom call and Q & A on this topic.
Christina was raised in St. Cloud and holds degrees from the University of South Florida and the University of Central Florida. She joined the Chamber in April 2015. As Director of Administration, she manages the Area Council’s events, sub-committee meetings, projects, and board engagements.
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