PPP exclusive to SmallBiz with fewer than 20 employees

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PPP exclusive to SmallBiz with fewer than 20 employees

Fri, 02/26/2021 - 3:21pm -- tim

Vermont Business Magazine In order to reach the smallest businesses, SBA is solely offering Paycheck Protection Program loans to businesses with fewer than 20 employees and sole proprietors from February 24 to March 10. Already, between the 2020 and 2021 PPP financing, almost 17,000 Vermont businesses have received nearly $1.6 billion in loans and grants.

The Paycheck Protection Program provides forgivable loans to help businesses keep their workforce employed during the COVID-19 crisis, including the owner which can be an employer with employees or a self-employed business owner without employees.

Additionally many nonprofit  organizations are eligible for PPP.

Multiple banks and credit unions and other lenders in Vermont, including the Vermont Economic Development Authority, are available to process PPP loans.

Nationally, about 50 percent of the 2021 appropriation ($284.4 billion) for PPP has been used.

Paycheck Protection Program (PPP)

# loans

$ loans

2020 Round 1 & 2 National PPP

5,212,128

$525,012,201,124

2020 Round 1 & 2 Vermont PPP

12,401

$1,201,175,929

02/21/2021 National PPP

1,918,663

$140,280,566,497

02/21/2021 Vermont PPP

4,480

$373,571,821

PPP Loans can be used to help fund payroll costs, including benefits, and may also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, and certain supplier costs and expenses for operations. SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses. For sole proprietors or self-employed with no employees, these businesses would show that they have used the PPP loan for their own compensation and eligible expenses.

The Vermont District Office of SBA can assist those interested in the PPP and offers free weekly webinars. There is also a statewide network of business advisors to assist applicants. 

For more information, visit http://www.sba.gov/vt or contact the SBA Vermont District Office at 802-828-4422 or vermont_do@sba.gov.

Additional helpful resources:

Find a lender:
Get matched with a lender
- Search for lenders in your area

Identify a loan:
- First Draw PPP Loans: For those who have not received a PPP loan before, First Draw PPP Loans are available.
- Second Draw PPP Loans: For those who have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP Loan.

For additional PPP information, visit Paycheck Protection Program (sba.gov).

PPP Forgiveness Webinars Tuesdays

The SBA Vermont District Office hosts free webinars from 11:30 a.m.  to 1 p.m. Tuesdays  about Paycheck Protection Program forgiveness. Topics include criteria, the process, changes and more.

To access the webinar, click here.

To access the webinar by phone, call 202-765-1264 and enter code 986 011 495#.

For more information, email susan.mazza@sba.gov.

PPP First & Second Draw Webinar Wednesdays

The SBA Vermont District Office hosts free webinars from 9 a.m. to 10:30 a.m. Wednesdays about the Paycheck Protection Program First Draw and Second Draw options. What is a PPP loan, terms, eligibility, and the application process. What is the difference between them? What has changed with the Economic Aid Act? Details on both programs will be presented. 

To access the webinar, click here

To access the webinar by phone, call 202-765-1264 and enter code 142 718 62#.

For more information, email susan.mazza@sba.gov.

Source: Montpelier. Vermont SBA