Question: Can You Apply For Both SBA And PPP?

What qualifies as utilities for PPP?

UTILITIES.

Utilities are the last qualified expense under the PPP program.

These are described by the SBA as phone, internet, gas, water, electricity, etc.

Similar to previous qualified expenses, it is important that these service contract agreements predate February 15, 2020..

Has the SBA forgiven any PPP loans?

SBA now forgiving PPP loans, simplifies applications for $50,000 or less. The U.S. Small Business Administration has started forgiving PPP loans of all amounts and cut the number of pages on the forgiveness application for small loans, officials announced Friday.

Can you pay yourself with PPP?

You can pay yourself back under certain conditions. Sole proprietors, pass-through corporations, and the self-employed may also use the PPP loan/grants to pay themselves their back, current, and future wages during the 8 week period.

CAN 1099 employees be included in PPP?

No, 1099 employees should not be included in a small business’s payroll calculations for their PPP loans. 1099 employees are considered their own businesses under the PPP. As of April 10, 2020, 1099 employees are eligible to apply for their own PPP loan.

Can you apply for PPP directly with SBA?

You can apply for your PPP loan through any of the 1,800 participating SBA approved 7(a) lenders or through any participating federally insured depository institution, federally insured credit union, and Farm Credit System institution. … 4 Only apply by first going to the SBA website.

How long does BlueVine take to process PPP?

Reasons to use BlueVine Applying with BlueVine is quick, and once approved, you may have access to funds by the same day. Here’s how long the approval process typically takes for BlueVine’s products: Line of credit: An average of 12 hours. Invoice factoring: A few minutes to a day.

Can I apply for PPP for more than one business?

Can I Apply for PPP Multiple Times if I Own Multiple Businesses? Yes, each business may be eligible for a loan through the PPP if it meets all the requirements.

Can you pay independent contractors with PPP loan?

Independent Contractors, Self-Employed Can Qualify for Their Own PPP Loans. Although payment to an independent contractor are not payroll costs, an independent contractor may qualify as a small business that is eligible for a PPP loans.

Is the SBA accepting PPP forgiveness applications?

SBA began approving PPP forgiveness applications and remitting forgiveness payments to PPP lenders for PPP borrowers on October 2, 2020. SBA will continue to process all PPP forgiveness applications in an expeditious manner.

Are PPP loans still available?

The Paycheck Protection Program has about $130 billion in remaining funds. … Small-business owners won’t be able to access that money after June 30, however. There are other options available to ailing businesses, but they may be limited or come with unfavorable terms.

How much SBA PPP money is left?

There’s about $130 billion left in the PPP pot.

Can you use the PPP to pay yourself?

Under the PPP, your payroll expense can include your salary expenses and health insurance premiums. … Since you can use the PPP funds to pay yourself through the Owner Compensation Replacement, you’ll be considered to be fully covered during the 8-week covered period if you use that timeframe.

How long does it take for SBA to approve a PPP loan?

approximately 10 daysHow long does it take for me to get the money? The EIDL Loan process takes a minimum of 21 days to complete. However, the completed timeframe is on a case by case basis. The PPP process takes approximately 10 days to complete.

Can I apply for Eidl and PPP at the same time?

Yes, you can apply for both. But you can’t use the funds from both loan programs for the same purpose. For the most updated and complete information, read the FAQs on the EIDL and FAQs on the PPP. For more information, visit The SBA has a hotline to help answer questions 1-800-659-2955, 7 days a week from 7:00a.

Can we apply for a second PPP loan?

The HEALS PPP would allow eligible PPP borrowers to receive a second PPP loan, referred to as a “second draw.” To qualify, an entity must: Meet the SBA’s revenue size standard, if applicable; Employ not more than 300 employees; and.

Can you receive PPP and Eidl?

The SBA has two loan programs to help small businesses impacted by COVID-19: Economic Injury Disaster Loans (EIDL) and the Paycheck Protection Program (PPP). If your business is eligible, you can get both loans, using the funds simultaneously, as long as the use of funds are not the same.

Can I apply to more than one bank for a PPP loan?

I’m applying for my first PPP loan. Can I apply through more than one lender? Yes! There is no risk in applying with more than one lender.