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New PPP Funding Approved

Included in the relief bill that Congress passed December 21st is approximately $280 Billion in additional PPP Funding. The SBA has released a new application, and FBSW is ready to begin processing them. Please see the link below to take you to the new application.

FAQ’s

  1. Who is eligible to apply?
    1. You have 300 employees or less
    2. You can document a reduction of 25% or more in gross receipts in any quarter of 2020 when compared with the same quarter in 2019.
    3. You were in operation on February 20, 2020
  2. I already received a PPP loan, can I apply again?
    1. Yes, as long as you have already used all funds from the original PPP loan.
  3. What can I use the PPP funds for?
    1. In addition to the previously allowable expenses (payroll, group health insurance, etc.), the following expense types have been added
      1. Covered Operations Expenditure — defined as a payment for any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records, and expenses.
      2. Covered Property Damage Cost — defined as a cost related to property damage and vandalism or looting due to public disturbances that occurred during 2020 that was not covered by insurance or other compensation.
      3. Covered Supplier Cost — defined as an expenditure made by an entity to a supplier of goods for the supply of goods that are essential to the operations of the entity at the time at which the expenditure is made and is made pursuant to a contract, order or purchase order in effect at any time before the covered period with the respect to the applicable covered loan; or with respect to perishable goods, in effect before or at any time during the covered period with respect to the applicable covered loan.
      4. Covered Worker Protection Expenditure — defined as an operating or a capital expenditure to facilitate the adaptation of the business activities of an entity to comply with requirements established or guidance issued by the Department of Health and Human Services, the Centers for Disease Control, or the Occupational Safety and Health Administration, or any equivalent requirements established or guidance issued by a State or local government, during the period beginning on March 1, 2020 and ending on the date on which the national emergency declared by the President under the National Emergencies Act (50 U.S.C. 1601 et seq.) with respect to the Coronavirus Disease 2019 (COVID–19) expires related to the maintenance of standards for sanitation, social distancing, or any other worker or customer safety requirement related to COVID–19.May include—the purchase, maintenance, or renovation of assets that create or expand a drive-through window facility; an indoor, outdoor, or combined air or air pressure ventilation or filtration system; a physical barrier such as a sneeze guard; an indoor, outdoor, or combined business space; an onsite or offsite health screening capability; or other assets relating to the compliance with the requirements or guidance described above. Other kinds of personal protective equipment, as determined by the Administrator in consultation with the Secretary of Health and Human Services. Does not include residential real property or intangible property.

Form 2483-SD – Second Draw Borrower Application

 

FirstBank Southwest will continue to provide updates as new information is available.

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