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Tag: PPP Loan

Calculating Your SBA Industry Size Standard for Small Business Loans

There are over thirty million small businesses in the United States, and they play a massive role in the economy; therefore, it’s imperative that they have support as they navigate through the pandemic. The Small Business Administration (SBA) played a huge role in the survival of small businesses in 2020, and they continue to do so in 2021. The SBA provides support for small businesses and entrepreneurs all over the nation with free business counseling, business loans, disaster loans, and more. Small businesses must get these kinds of tools so that they can compete against larger corporations and continue to contribute. In order to obtain this relief, however, businesses must actually count as small businesses, or meet the “small business size standard”. If you have too many or too few employees, you may not qualify for SBA relief and must find help elsewhere.

Need to get a loan from the SBA? Let’s see how if you qualify as a small business!

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The Second Draw of PPP Loans is Here: Everything You Need to Know

The U.S. Treasury Department has reopened Paycheck Protection Program (PPP) loans to eligible employers. The PPP loan forgiveness program, enacted by the Small Business Administration (SBA), provided economic relief to small businesses affected by the pandemic. Eligible businesses were able to use their PPP loans to pay for mortgages, payroll, utilities, and more. Despite this relief, many small businesses continued to struggle during these trying times. At the end of 2020, in an effort to assist these businesses further, congress passed another COVID-19 relief bill. That bill allotted $284 billion to go towards the PPP. This allowed the SBA to give businesses another chance to apply for PPP loans or obtain a second PPP loan, which is called the Second Draw PPP loan.

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Can PPP Loans Affect Unemployment Insurance Benefits?

This article was published on May 19, 2020. New information may be available regarding PPP loans and UI benefit packages. Visit the Small Business Administration for more information. For more information about the First Draw and Second Draw of PPP loans, visit this article.

The PPP loan is a valuable resource for many business owners, especially for employers who have employees with unemployment insurance. With the new loan, employers will have the ability to pay their employees as they would normally and can avoid paying unemployment taxes. This all sounds great, but PPP loans are confusing to employees, and many wonder whether their employer’s PPP loan will alter their unemployment insurance statuses. Do PPP loans affect employees’ unemployment benefits? Let’s find out.

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