The Paycheck Protection Program ("PPP") is offering a second round of relief and will once again accept applications starting on January 11, 2021.
On December 27, 2020, the Federal government enacted the Coronavirus Response and Relief Supplemental Appropriations Act (the “CRRSA”), a $900 billion supplement to the Coronavirus Aid, Relief and Economic Security Act (“CARES Act”) that was passed in March 2020. The CRRSA provides for an additional $325 billion in relief for small businesses, including the Paycheck Protection Program (“PPP”).
*UPDATE: On March 30, 2021, President Biden signed the PPP Extension Act of 2021 extending the Paycheck Protection Program for an additional two months to May 31, 2021, and also providing an additional 30-day period therafter for the SBA to process loan applications that are still pending. More information can be found here: https://www.sba.gov/funding-programs/loans/covid-19-relief-options/paycheck-protection-program
Paycheck Protection Program – What this Means:
- The second round of PPP offers loans that may be forgivable in amounts of up to 2.5x average 2019 monthly payroll, or 3.5x for businesses in the accommodation and food services sectors.
- The second round of PPP is open to first-time applicants as well as previous PPP loan recipients who are seeking second loans.
- Both first and second draw PPP loans may be forgivable per the terms of the loan agreement.
- First Draw PPP loans will begin accepting applications on January 11, 2021 and Second Draw PPP loans on January 13, 2021 initially via community financial institutions and all participating lenders shortly thereafter.
- Applicants can apply until May 31, 2021.
As a valued tenant and a small business member of the community, we recognize the challenges presented by the Covid-19 pandemic and are strongly encouraging you to apply for assistance under the CRRSA. You should have recently received information from Inland concerning the second round of pandemic relief and PPP loans. Additionally, we recommend reaching out to your business accounting and legal representatives as well as your banking contacts for additional information on loan programs that would be available to your business and to file an application.
We have also provided the following SBA and U.S. Department of Treasury links below for your convenience as well as a link to the CDC for Workplaces and Businesses. If you need more information, please contact your Property Manager who will be happy to email our recent communication.