The latest COVID-19 Paycheck Protection Program for small businesses has become available, and Dupaco is again participating in the loan program. We are now accepting PPP applications from eligible first and second-time borrowers.
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FAQ: Payment Protection Plan
The U.S. government has passed multiple pieces of legislation to provide financial relief to individuals and businesses during the economic fallout from the COVID-19 pandemic. Out of this legislation, the Paycheck Protection Program was created. It’s a loan program to help small- and mid-sized businesses maintain cash flow during this challenging financial time.
You can apply for a PPP loan now. The last day to apply for a PPP loan is March 31, 2021.
You might be eligible to apply for another PPP loan if you have 300 or fewer employees. Businesses with multiple locations can’t have more than 300 employees per physical location. You also must be able to show a 25% reduction in your gross revenues from one quarter in 2019 to that same quarter in 2020 OR over an annual basis from 2019 compared to 2020 with substantiated filed tax forms if you choose to compare annual receipts.
You might be eligible for loan forgiveness if you used the funds for eligible payroll costs, payments on business mortgage interest payments, rent or utilities during either the eight or 24-week period after your loan disbursement.
You can apply for forgiveness any time during or after your covered period for up to 10 months after your covered period has ended. Your covered period is either eight or 24 weeks if you received your PPP loan by August 2020. Your covered period can be anywhere from eight to 24 weeks if you receive your PPP loan during 2021.
Have questions? Need help?
You may find what you are looking for by viewing one of the below resources. Otherwise, give us a call at 800-373-7600.