January 19, 2021
|What you need to know about this Economic Aid Act: |
January 11: Opening for those who have not received PPP loan yet (smaller community banks will get priority)
January 19: Opening up for second draw borrowers
March 31: Deadline to apply, unless exhausted funds prior to deadline
Eligibility: An applicant is generally eligible for a Second PPP Loan if the borrower: Was on operation on February 15, 2020; Previously received a PPP Loan (from M&T or another financial institution) and will or has used the full amount only for authorized uses by the date of disbursement of the Second PPP Loan; Has no more than 300 employees combined with affiliates (with some exceptions); and Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020; or if in operations for all of 2019, you may use annual gross receipts Has not nor plans to receive a Shuttered Venue grant*Additional eligibility requirements apply
Max Loan Amount & Term: 2.5X average monthly payroll, up to $2 million ($4 million corporate group cap)3.5X average monthly payroll for Accommodations & Food Services loans (NAICS code 72), up to $2 million5-year term
Eligible Expenses: Payroll costs Business rent & lease agreements Business mortgage interest Business utility payments Covered operational expenditures Covered personal protective equipment (PPE) expenses Covered property damage expenses Covered supplier expenditures
Loan Forgiveness: May be eligible for loan forgiveness if proceeds are used on payroll and other eligible business expenses; Employee and compensation levels are maintained; and Minimum of 60% must be used on payroll costs At Campbell & Company, our core values focus on putting people first and doing what’s right. Our top priority is the well-being of our clients and their families, team members and communities we serve. We can offer our assistance in processing loan applications, and are here to answer any questions you may have regarding funding and forgiveness. Please feel free to reach out by phone or email. (352) 683-7365.
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