Is PPP money still available? (2024)

Is PPP money still available?

An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. Notice: The Paycheck Protection Program (PPP) ended on May 31, 2021.

Is it too late to get a PPP loan?

The PPP ended on May 31, 2021.

Is there a 3rd round of PPP?

Key Takeaways. A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec.

Is all the PPP money gone?

PPP loans are no longer available. The last PPP draw was in May 2021. However, existing borrowers might still be eligible for full loan forgiveness(principal and interest payments) through a loan forgiveness application. You can read on for insights into how PPP loans work.

Are PPP loans still available in 2024?

For COVID EIDL and PPP borrowers with loans under $100,000, the SBA has implemented a 60-day goodwill exception period starting January 1 and lasting through March 3, 2024.

Can you look up who received PPP?

Search for a borrower, or if you want to see how many people received loans in your state and other interesting facts, check out our PPP dashboard.

What is the average PPP loan amount?

Overall average loan size is $206K.

Can I get a PPP loan if I have no employees?

The PPP limits compensation to an annualized salary of $100,000. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation share.

Will PPP start up again?

Unfortunately no. Because eligibility for the program ended in May of 2021, no new applications can be submitted for a PPP loan in 2023.

What is the difference between PPP and ERC?

ERC tax credits can be applied to reduce employer social security, income, and Medicare taxes. PPP offers forgivable loans that can be used for payroll costs, rent, utilities, and other eligible expenses.

Are PPP loans being investigated?

The U.S. Small Business Administration (SBA) is auditing all companies that received PPP loans of $2 million or greater, and the SBA's Investigations Division, the U.S. Department of Justice (DOJ), and various other federal agencies are also targeting recipients in PPP loan fraud investigations.

Will PPP loans under $150,000 be audited?

The SBA has the authority to review and audit PPP loan and forgiveness applications for up to six years (for loans over $150,000) after it forgives the loan, and PPP borrowers must maintain documentation supporting their applications during this potential audit period.

Did people pay back PPP?

Let's say you got a loan and you didn't have to pay it back. You'd probably celebrate. But some people did something unusual. They got loans from the government's Paycheck Protection Program, which helped small businesses during COVID, and they were eligible for loan forgiveness, but they repaid the money anyway.

Is SBA loan still available 2024?

SBA continues to offer other funding options for small businesses, including traditional SBA loans. In February 2024, SBA expanded the eligibility for our Hardship Accommodation Plan (HAP) for borrowers who are struggling with loan payments.

What happens if you don't pay back PPP loan?

First, the SBA will repay the lending bank for the loan, per the SBA guarantee. Then, the SBA will try to recover any funds from the borrower, including by retaining tax refunds due to the business. The business in PPP loan default will also not be allowed to do business with the U.S. government in the future.

Will SBA loans be forgiven?

Does the SBA forgive loans? The SBA generally doesn't offer 100 percent forgiveness on 7(a) and 504 loans, no matter how dire your finances are. However, for companies that have had to cease operations, the SBA will consider settlements that have been agreed to between a borrower and their loan issuer.

What triggers PPP loan investigation?

Applying for PPP loans from multiple lenders (“loan stacking”) Using PPP loan money for an improper or unapproved purpose. Submitting a false certification for PPP loan forgiveness. Not being truthful to agents during a PPP loan audit or investigation.

Can you look up a PPP loan by Social Security number?

Click here to apply now for PPP loan forgiveness. After you register for the portal and begin your application, you will be prompted to search for your SBA PPP loan number by typing in the Tax Identification Number (EIN, SSN, TIN or ITIN) you used to apply for your PPP loan and the amount of your loan.

Who is not eligible for a PPP loan?

If your business has permanently closed, you are not eligible for a PPP loan. If you temporarily closed your business or temporarily halted operations, you may still qualify.

What is the maximum salary for PPP loan?

For each individual employee, the total amount of cash compensation eligible for forgiveness may not exceed an annual salary of $100,000, as prorated for the Covered Period. For example, for an 8-week Covered Period, the maximum is $15,385, for a 24-week Covered Period, the maximum is $46,154.

What is the 75 percent rule for PPP?

Pay requirements. You must maintain at least 75% of each employee's total salary. This requirement applies to every employee that received less than $100,000 in annualized pay in 2019 or 2020 (depending on what year you used to calculate your PPP loan amount).

What is the maximum wages for PPP?

Employee gross pay including salary, wages, commissions, bonuses, and tips, capped at the annualized value of $100,000 for the length of the applicable Covered Period or Alternative Payroll Covered Period. For an 8-week Covered Period, this limit is $15,385, which is the 8-week value of the annualized $100,000 cap.

Can you use PPP money to pay yourself?

Can you use your whole PPP loan to replace your compensation? Theoretically, yes. A minimum of 60% of your PPP loan expenses must be spent on payroll to be eligible, but there's no maximum. Therefore, you could spend 100% of your PPP loan on compensation replacement, and it'd still be forgivable.

How to get a PPP loan without a business?

Can I apply for another SBA loan?

As long as a lender will approve your loans, you can almost have as many as you like. However, it's important to remember that you should only borrow what you can afford to pay back.