written by DealerXT January 9, 2021
Good news! The next round of stimulus funds for small businesses has been finalized by lawmakers.
Congress passed a new bill that provides $900 billion in stimulus for financial relief, and is lined with small business benefits. $284 billion of those funds are for the Paycheck Protection Program, including a second-draw option for those who received PPP funds in the first round. $15 billion has been allocated for businesses with fewer than 10 employees and $20 billion for those with 10–500 employees. Here’s what we know so far:
PPP Loans Round 2
As you probably know, the PPP is managed by the Small Business Administration (SBA) and is is the loan program that lets certain banks distribute PPP loans to small US businesses. The SBA announced today that the PPP will formally reopen Monday, January 11, 2021. Exclusive access will be given for at least the first two days to microloan intermediaries, community development financial institutions, minority depository institutions, and certified development corporations who are accepting PPP loans for the first time. Financial institutions are waiting for additional guidance as to when the portal will open.
Did you receive a PPP loan in Round 1? Good news! You should likely qualify for a second PPP loan if you:
- Have used (or will use) the full amount of money from your first PPP loan for allowable expenses;
- Have less than 300 employees; and
- You must show your revenues have dropped by at least 25% when comparing any one quarter in 2019 with the same quarter in 2020.
We understand that many dealers across the country are in urgent need of financial support and we hope you can obtain those funds through your banks ASAP. These loans are only available through your banks, such as Bank of America, Wells Fargo, Chase, and others.
For more information and questions regarding small business loans, schedule a FREE consultation with Auto Legal Group, LLP — Exclusive Representation of Auto Dealerships.
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