Congress has passed another round of the Paycheck Protection Program (PPP). Many minority business owners were left out of the first round of funding due to insufficient “back office” paperwork and employee requirements that aren’t typical of minority-owned businesses. The new 2021 version of PPP expands the eligibility requirements for a number of business owners and contract workers who may not have been previously covered.
Operation HOPE’s President and Chief Financial Officer, Brian Betts, gives an in-depth look at the new PPP and gives guidance on the distinctions between First and Second Draw PPP, and who is eligible to apply for both. Applications for a First Draw PPP loan close March 31, 2021.
Watch the video below to learn more. If you would like to connect with an Operation HOPE financial wellbeing coach to assist you with your application, find the coach nearest you at operationhope.org/our-locations
I recently opened a business for my grandfather. It was a complex process with certain financial permits. I recently read an article https://fitmymoney.com/retired-loans/ about interesting proposals for financing any activity of pensioners. Cash loans are an important aspect of running a business and my grandfather could get a good discount through such services.
It’s great to see that Congress has expanded the eligibility requirements for the Paycheck Protection Program. This will help a lot of minority-owned businesses that were left out of the first round of funding. Here are three steps that business owners can take to make sure they get the most out of the PPP:
1. Get your paperwork in order – make sure you have all the required documents and information ready to go.
2. Make sure your employees meet the eligibility requirements – this includes part-time and contract workers.
3. Stay on top of the latest updates – with the ever-changing guidelines, it’s important to stay up-to-date on what’s covered and what isn’t.
If you follow these steps, you’ll be in a good position to take advantage of the PPP and get the financial support your business needs.