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Officials encourage small businesses to start preparing for PPP applications

Florida's minority businesses could have benefited from race question for PPP loans, experts say
Posted at 7:20 AM, Jan 04, 2021
and last updated 2021-01-04 07:48:22-05

TAMPA — Congress approved $900 billion as part of the new COVID-19 relief bill and about $284 billion are earmarked for the Paycheck Protection Program, or PPP.

This means businesses can apply for loans again.

The program stopped accepting applications as part of the first relief package back in August.

Here's how to qualify this time around:

  • Businesses must have been in operation prior to February 15, 2020
  • Businesses must have fewer than 300 employees
  • Businesses must have experienced at least 25 percent of revenue loss during a quarter in 2020 as compared to 2019

Small businesses can still qualify even if they applied for aid the first time around.

Now, more non-profits are also eligible to receive help.

This new relief bill caps the loan amount at $2 million.

Experts say people should be able to start to apply for aid soon. They estimate the money will be available by mid January.

Hillsborough county is urging business owners to act now. Officials want them to be ready to apply on day one.

Here’s how they suggest businesses prepare:

  • Figure out the company’s income by quarters in 2020 versus 2019
  • Line up a few potential lenders
  • Keep a close eye on any new details about application openings

This latest round of PPP is now extended through March 31.