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 Business Stimulus

Package Resources

Yes! These are called “second draw” loans, and as long as you meet the qualifications above, you can apply. The deadline for all new loans is May 31 but money is expected to run out by then. It is critical to apply as soon as possible. 

I already got one PPP Loan, can I get another one?

First Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained

  • The loan proceeds are spent on payroll costs and other eligible expenses; and

  • At least 60% of the proceeds are spent on payroll costs

First Draw PPP Loan forgiveness terms

Second Draw PPP loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:

  • Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan

  • The loan proceeds are spent on payroll costs and other eligible expenses; and

  • At least 60% of the proceeds are spent on payroll costs

Second Draw PPP Loan forgiveness terms

  • Your income – gross receipts – must have declined by 25% or more in any quarter of 2020 compared to 2019. It appears that this loss will need to be measured by quarters, not just a three-month period. Gross receipts are likely to exclude funds from PPP loans or other loans or grants.  

  • You must have been in business prior to Feb. 15, 2020.

  • You must have used or will use, all of your previous PPP loans if you received one.

  • You must have fewer than 300 employees.

  • Qualified businesses can be corporations, LLCs, sole proprietors, self-employed, independent contractors.

  • No loan can be greater than $2 million.

Who Qualifies?

  • Most businesses: As in the first round of PPP, you can get up to your average monthly payroll in 2019 times 2.5. In other words, if your total 2019 monthly payroll cost averaged $10,000, you can apply for $25,000. Keep in mind that "payroll" expenses include all costs for W-2 employees (not independent contractors), including wages, commissions, bonuses, health insurance, retirement, state, and local taxes.

  • Accommodation and food service businesses (hotels and restaurants): Recognizing how hard hit these industries have been, Congress upped the amount to 3.5 times the average 2019 monthly payroll costs. In other words, if your restaurant's 2019 monthly payroll averaged $10,000, you can now apply for $35,000. 

How Much Can I Get?

A borrower can apply for forgiveness once all loan proceeds for which the borrower is requesting forgiveness have been used. Borrowers can apply for forgiveness any time up to the maturity date of the loan. If borrowers do not apply for forgiveness within 10 months after the last day of the covered period, then PPP loan payments are no longer deferred, and borrowers will begin making loan payments to their PPP lender.

Weber County Lenders:

Contact your local bank to see if they offer these resources. 

1. Contact your PPP lender and complete the correct form:

Your lender can provide you with either the SBA Form 3508, SBA Form 3508EZ, SBA Form 3508S, or a lender equivalent.

The 3508EZ and the 3508S are shortened versions of the application for borrowers who meet specific requirements. Your lender can provide further guidance on how to submit the application.

2. Compile your documentation:

Payroll (provide documentation for all payroll periods that overlapped with the Covered Period or the Alternative Payroll Covered Period):

  • Bank account statements or third-party payroll service provider reports documenting the amount of cash compensation paid to employees

  • Tax forms (or equivalent third-party payroll service provider reports) for the periods that overlap with the Covered Period or the Alternative Payroll Covered Period:

    • Payroll tax filings reported, or that will be reported, to the IRS (typically, Form 941); and

    • State quarterly business and individual employee wage reporting and unemployment insurance tax filings reported, or that will be reported, to the relevant state

  • Payment receipts canceled checks, or account statements documenting the amount of any employer contributions to employee health insurance and retirement plans that the borrower included in the forgiveness amount

Non-payroll (for expenses that were incurred or paid during the covered period and showing that obligations or services existed prior to February 15, 2020):

  • Business mortgage interest payments: Copy of lender amortization schedule and receipts verifying payments, or lender account statements

  • Business rent or lease payments: Copy of current lease agreement and receipts or canceled checks verifying eligible payments

  • Business utility payments: Copies of invoices and receipts, canceled checks or account statements

This list of documents required to be submitted to your lender is not all-inclusive.

3. Submit the forgiveness form and documentation to your PPP lender:

Complete your loan forgiveness application and submit it to your lender with the re­quired supporting documents and follow up with your lender to submit additional documentation as requested. Consult your lender for additional guidance and provide requested documentation in a timely manner.

4. Continue to communicate with your lender throughout the process:

If SBA undertakes a review of your loan, your lender will notify you of the review and the SBA loan review decision. You have the right to appeal certain SBA loan review decisions. Your lender is responsible for notifying you of the forgiveness amount paid by SBA and the date on which your first payment will be due, if applicable.

Where & when to apply

Concert venues, theaters, and museums are not eligible for new Paycheck Protection Program loans, but can apply for special “Shuttered Venue Operator Grants” worth up to $10 million. Venues will be able to begin applying for the funds in the coming days with priority given to venues that faced 70–90% revenue losses in 2020.
 

Other Funds Available for

Venues, Theaters, and Museums

Part of the new stimulus package includes specific relief for farmers and ranchers. These include funding for food assistance programs, enhancements to the Paycheck Protection Program, and funding for enhanced broadband access, as well as additional financial resources for agricultural research and farmer stress assistance programs, among others. 

Other FUnds available for farmers and ranchers