[{"data":1,"prerenderedAt":-1},["ShallowReactive",2],{"doc-seo-306237-105":3,"detail-sidebar-cat-1-en-105":81,"doc-detail-306237-en":127},{"code":4,"msg":5,"data":6},0,"ok",{"site_id":7,"language":8,"slug":9,"title":10,"keywords":11,"description":12,"schema_data":13,"social_meta":74,"head_meta":76,"extra_data":78,"updated_unix":80},105,"en","paycheck-protection-program-ppp-for-small-businesses-the-latest-information-update","Paycheck Protection Program (PPP) for Small Businesses: The Latest Information - Update","","Paycheck Protection Program (PPP) guidance for small businesses outlines SBA extensions and revisions for applications through May 31, 2021, including eligibility changes related to PPP loan forgiveness. It explains the CARES Act basis for SBA-backed temporary loans, the addition of Second Draw Loans, and eligibility for borrowers who previously did not apply or need additional funding. It summarizes current funding rules on who may apply, application window, application channels, and key permitted uses of funds, forgiveness conditions, and priority lending.",{"@graph":14,"@context":73},[15,34,56],{"@type":16,"itemListElement":17},"BreadcrumbList",[18,23,27,31],{"item":19,"name":20,"@type":21,"position":22},"https://docshare.wps.com","Home","ListItem",1,{"item":24,"name":25,"@type":21,"position":26},"https://docshare.wps.com/template/","Template",2,{"item":28,"name":29,"@type":21,"position":30},"https://docshare.wps.com/template/letters/","Letters",3,{"item":32,"name":10,"@type":21,"position":33},"https://docshare.wps.com/template/paycheck-protection-program-ppp-for-small-businesses-the-latest-information-update/306237/",4,{"url":32,"name":10,"@type":35,"image":36,"author":41,"headline":10,"publisher":44,"fileFormat":47,"inLanguage":8,"description":12,"dateModified":48,"datePublished":49,"encodingFormat":47,"isAccessibleForFree":50,"interactionStatistic":51},"DigitalDocument",{"url":37,"@type":38,"width":39,"height":40},"https://docshare.wps.com/thumbnails/paycheck-protection-program-ppp-for-small-businesses-the-latest-information-update/306237.png","ImageObject",442,249,{"name":42,"@type":43},"McQueen","Person",{"url":19,"name":45,"@type":46},"DocShare","Organization","application/pdf","2026-10-07","2026-09-19",true,{"@type":52,"interactionType":53,"userInteractionCount":55},"InteractionCounter",{"@type":54},"ViewAction",9,{"@type":57,"mainEntity":58},"FAQPage",[59,65,69],{"name":60,"@type":61,"acceptedAnswer":62},"Who is eligible to apply for Round 3 PPP funding?","Question",{"text":63,"@type":64},"Businesses with 300 or fewer employees may apply, including certain sole proprietors, independent contractors, and self-employed persons. Some industry exceptions with more than 300 employees may apply if they meet SBA employee-based size standards.","Answer",{"name":66,"@type":61,"acceptedAnswer":67},"What is the application timeframe and how do borrowers apply?",{"text":68,"@type":64},"Round 3 applications run from January 11 through May 31, 2021. Borrowers apply through participating SBA 7(a) lenders, with CDFIs and MDIs receiving priority beginning January 11.",{"name":70,"@type":61,"acceptedAnswer":71},"What uses of PPP loan proceeds qualify for forgiveness, and what conditions apply?",{"text":72,"@type":64},"Forgiveness generally requires the proceeds to cover payroll costs and most mortgage interest, rent, and utilities during the covered period while maintaining employee and compensation levels. Payroll is capped at $100,000 annually per employee, at least 60% of the forgiven amount must be used for payroll, and no collateral or personal guarantees are required.","https://schema.org",{"og:url":32,"og:type":75,"og:title":10,"og:site_name":45,"og:description":12},"article",{"robots":77,"canonical":32},"index,follow",{"doc_id":79,"site_id":7},306237,1790288651,{"code":4,"msg":82,"data":83},"success",[84,89,94,99,104,109,114,118,123],{"id":85,"doc_module":22,"doc_module_name":25,"category_name":86,"show_sort_weight":87,"slug":88},11,"Presentations",90,"presentations",{"id":90,"doc_module":22,"doc_module_name":25,"category_name":91,"show_sort_weight":92,"slug":93},12,"Resumes",80,"resumes",{"id":95,"doc_module":22,"doc_module_name":25,"category_name":96,"show_sort_weight":97,"slug":98},14,"Invoices",70,"invoices",{"id":100,"doc_module":22,"doc_module_name":25,"category_name":101,"show_sort_weight":102,"slug":103},15,"Posters",60,"posters",{"id":105,"doc_module":22,"doc_module_name":25,"category_name":106,"show_sort_weight":107,"slug":108},16,"Social Media",50,"social-media",{"id":110,"doc_module":22,"doc_module_name":25,"category_name":111,"show_sort_weight":112,"slug":113},17,"Forms",40,"forms",{"id":115,"doc_module":22,"doc_module_name":25,"category_name":29,"show_sort_weight":116,"slug":117},18,30,"letters",{"id":119,"doc_module":22,"doc_module_name":25,"category_name":120,"show_sort_weight":121,"slug":122},21,"Paper Templates",5,"papers-templates",{"id":124,"doc_module":22,"doc_module_name":25,"category_name":125,"show_sort_weight":4,"slug":126},158,"General","general-158",{"code":4,"msg":82,"data":128},{"doc_id":79,"user_id":129,"nickname":42,"user_avatar":130,"doc_module":22,"category_id":115,"category_name":29,"doc_title":10,"doc_description":12,"doc_content":131,"file_id":132,"file_url":133,"file_type":134,"file_size":135,"view_count":55,"is_deleted":4,"is_public":22,"is_downloadable":22,"audit_status":22,"page_count":26,"language":136,"language_code":8,"site_id":7,"html_lang":8,"table_of_contents":137,"faqs":138,"seo_title":139,"seo_description":12,"update_tm":140,"read_time":22},5909890329169,"https://ap-avatar.wpscdn.com/davatar_9964176cb1d06d4a9deccf72a44ae3dc","Paycheck Protection Program (PPP) for Small Businesses: The Latest Information  \nUPDATE: The SBA has extended the PPP application program from March 31, 2021, to May 31, 2021. For additional information, including new details on borrower eligibility for PPP Loan forgiveness, read the SBA’s full announcement here .1  \nAbout the CARES Act  \nThe Consolidated Appropriations Act2 of 2021 authorizes the U.S. Small Business Administration (SBA)3 to guarantee additional loans under the temporary Paycheck Protection Program ( PPP),4 which was originally established under the Coronavirus Aid, Relief, and Economic Security (CARES)5 Act to provide economic relief to small businesses nationwide adversely impacted by the pandemic. The SBA’s authority to make PPP loans has been extended through May 31, 2021, with revisions to certain PPP requirements. A temporary program titled,“Paycheck Protection Program Second Draw Loans6” was also added. These changes enable borrowers who have not previously applied for PPP loans to access these funds (First Draw) as well as existing PPP borrowers to apply for additional funding (Second Draw), provided they meet the eligibility criteria.  \nThis third round of relief funding allocated $284 billion for loans to businesses for payroll and other costs to help them and their workers remain viable. To promote greater access to this capital for those businesses most in need, initially, only community development financial institutions and minority depository institutions were able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP opened to all participating lenders shortly thereafter.   \nKey Things to Know About Current PPP Funding (updated 4/19/21)  \n•  Who can apply? The cap for currently available funds is businesses with 300 or fewer employees, down from the original 500-employee max. All businesses with 300 or fewer employees may apply, including some sole proprietors, independent contractors, and self-employed persons. Businesses in certain industries with more than 300 employees may be eligible if they meet applicable SBA employee-based size standards for those industries. Those exceptions can be found on the SBA’s website.7  \n•  When can I apply? You may apply for Round 3 funds from January 11 through May 31, 2021.  \n•  Where can I apply? Borrowers can apply for a PPP Loan through any existing SBA 7(a) lender,8 including regional and community banks, Farm Credit System lenders, credit unions, fintech, community development financial institutions (CDFIs), and minority depository institutions (MDIs) that participate in the PPP. Beginning January 11, loans made by CDFIsand MDIs will be given priority. All new PPP Loans will have the same terms regardless of lender or borrower. Additional information and full terms can be found here.9  \n•  Can I reapply for PPP and increase my initial PPP loan? Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020, may: (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible. Certain businesses may qualify for a Second Draw PPP Loan if they meet certain conditions listed on the SBA’s website.  \n•  What can I use these loans for? PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.  \n•  How much of my loan can be forgiven? The loan will be forgiven if proceeds are used to cover payroll costs, most mortgage interest, rent, and utility costs over the specified period after the loan is made, and if employee and ","cbCaijp61qC92fqE","https://ap.wps.com/l/cbCaijp61qC92fqE","pdf",176519,"English","# Key Things to Know About Current PPP Funding\n## Who can apply\n## When can I apply\n## Where can I apply\n## Can I reapply and increase my loan\n## What can I use these loans for\n## How much can be forgiven","[{\"question\":\"Who is eligible to apply for Round 3 PPP funding?\",\"answer\":\"Businesses with 300 or fewer employees may apply, including certain sole proprietors, independent contractors, and self-employed persons. Some industry exceptions with more than 300 employees may apply if they meet SBA employee-based size standards.\"},{\"question\":\"What is the application timeframe and how do borrowers apply?\",\"answer\":\"Round 3 applications run from January 11 through May 31, 2021. Borrowers apply through participating SBA 7(a) lenders, with CDFIs and MDIs receiving priority beginning January 11.\"},{\"question\":\"What uses of PPP loan proceeds qualify for forgiveness, and what conditions apply?\",\"answer\":\"Forgiveness generally requires the proceeds to cover payroll costs and most mortgage interest, rent, and utilities during the covered period while maintaining employee and compensation levels. Payroll is capped at $100,000 annually per employee, at least 60% of the forgiven amount must be used for payroll, and no collateral or personal guarantees are required.\"}]","Paycheck Protection Program (PPP) for Small Businesses: The Latest Information - Update | PDF",1789834551]