Glendora Preliminary Info - PPP2 Business Loans

Glendora CA

22 December, 2020

9:19 PM

Description

Press release from the City of Glendora: December 22, 2020 We appreciate the hard work of the Glendora Chamber of Commerce for putting together the following preliminary information for businesses regarding PPP2 loans. For more information, contact your business banker or the Glendora Chamber of Commerce for assistance. And please remember...Now more than ever it's important to shop local, eat local! Who is eligible to apply: PPP2 loans will be available to first-time qualified borrowers and, for the first time, to businesses that previously received a PPP loan. Specifically, previous PPP recipients may apply for another loan of up to $2 million, provided they: Have 300 or fewer employees. Have used or will use the full amount of their first PPP loan. Can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019. PPP2 also makes the forgivable loans available to Sec. 501(c)(6) business leagues, such as chambers of commerce, visitors' bureaus, etc., and "destination marketing organizations" (as defined in the act), provided they have 300 or fewer employees and do not receive more than 15% of receipts from lobbying. The lobbying activities must comprise no more than 15% of the organization's total activities and have cost no more than $1 million during the most recent tax year that ended prior to Feb. 15, 2020. PPP2 will also permit first-time borrowers from the following groups: Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans. Sole proprietors, independent contractors, and eligible self-employed individuals. Not-for-profits, including churches. Accommodation and food services operations (those with North American Industry Classification System (NAICS) codes starting with 72) with fewer than 300 employees per physical location. The bill allows borrowers that returned all or part of a previous PPP loan to reapply for the maximum amount available to them. For additional questions about qualifications contact your business banker in the coming weeks once the program is signed and implemented. This press release was produced by the City of Glendora. The views expressed here are the author's own.