UPDATE FEBRUARY 24th

NEW REFORMS TO FULLY FORGIVABLE PPP LOANS

(and I got my funds in 24 hours)

Dear Customer,

The Biden Administration announced plans to deliver “equitable relief” to small businesses impacted by the coronavirus outbreak, with a focus on those that may have had difficulty obtaining forgivable loans and minority-owned businesses.

The statement from the White House declared increased funding to businesses with fewer than 10 employees. Funding which is being distributed through Community Development Financial Institutions and Minority Depository Institutions has been increased by 40%.

Beginning Wed, Feb 24, a 14-day period begins that allows businesses with fewer than 20 employees a chance to sign up for the loans. Self-employed individuals will also have a chance to qualify for more financial support.

Biden’s team is also carving out $1 billion to direct toward sole proprietors, such as home contractors and beauticians, the majority of which are owned by women and people of color.

Here is a short summary of the rules and features:

1. This is for small businesses that have previously received PPP #1 – you!! As long as you have at least one person on your payroll (even yourself), you can apply for this loan (grant). In fact, there is $25 billion set aside just for businesses with 10 or less employees.
2. This loan must be applied for at a financial institution such as your bank or credit union. Check and find out who is offering it. I suggest you use an existing relationship if you can.
3. This second PPP loan is only for businesses that had a drop of at least 25% for at least one quarter since COVID-19. For most small businesses, the second quarter of 2020 (April-May-June) probably had a loss of revenue of 25% or more compared to the same quarter in 2019. If you did not experience a loss of revenue of 25% or more in any quarter since COVID-19, then you do not qualify for PPP Round 2, however if you did not get a PPP loan back in the spring, you may still qualify for PPP Round 1 which does not require a 25% revenue drop.
4. The loan (grant) amount is 2 ½ times your average monthly payroll. Example: Your annual payroll is $60,000.00 divided by 12 months is $5,000 per month. Two and ½ months’ payroll is $12,500 (your loan amount).
5. The government made it easy to qualify for forgiveness as long as you spend at least 60% of your loan on payroll and 40% on other qualified expenses such as rent, mortgage interest, utilities, etc. Note: Your financial institution can provide you all the details or you can go to this website:

The government is offering you free money to help you and your employees get through a very tough time. They are trying to help you keep your staff employed. I want all my customers to be able to take advantage of this loan (grant).

Do not miss out on this opportunity.

Sincerely,

Richard Byrd Jessup, President

The Immediate Resource