New legislation provides additional PPP loan funding

The Coronavirus Response and Relief Supplemental Appropriations Act of 2021 was signed into law on December 27, 2020. The law includes an additional $284.45 billion in funding for Paycheck Protection Program (PPP) loans to help small businesses.

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How the PPP works

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Apply
Apply for a first or second PPP loan through an SBA approved lender.
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Receive funds
First-time PPP loan borrowers may be eligible for up to $10 million as part of the program. Second-time loan borrowers may be eligible for up to $2 million.
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Apply for loan forgiveness
Your loan may be forgiven, in whole or in part, if your business meets certain requirements and spends funds on forgivable payroll and non payroll costs in the required time frame.

Relief programs are evolving regularly. For the most up-to-date information, visit SBA.gov.

Prepare for Paycheck Protection Program loan forgiveness

Who qualifies for a PPP loan?

Eligible businesses and organizations

  • Small businesses, 501 (c)(3) nonprofits, 501(c)(19) veterans’ organizations, and Tribal businesses (as described in sec. 31(b)(2)(C) of Small Business Act) that employ no more than 500 employees.
  • Certain news organizations or nonprofit public broadcasting entities that employ no more than 500 employees per location.
  • Housing cooperatives, eligible section 501(c)(6) organizations, or eligible destination marketing organizations that employ no more than 300 employees.
  • Independent contractors, eligible self-employed individuals, and sole proprietors.

Note: Employees of an organization are counted together with any affiliates, if applicable.

Meet SBA size standards

Small businesses in certain industries that have over 500 (or 300) employees but meet the Small Business Administration’s size standards may still be eligible for a PPP loan.

Multiple locations

If you’re in food service or hospitality and have fewer than 500 employees at each location, each location may be eligible for a PPP loan.

Economic uncertainty

Applicants will be required to certify that current economic uncertainty makes the loan request necessary to support ongoing operations.

In operation on February 15, 2020

Applicants must have been in operation on February 15, 2020, and either paid employees, paid independent contractors, or were an eligible self-employed individual, independent contractor, or sole proprietorship with no employees.

Note: PPP loans are subject to additional eligibility requirements and criteria. Please refer to the SBA and Treasury to confirm current program rules and how they apply to your particular situation.

Related articles and resources

Find the answers you’re looking for

Get the information your business needs in one place. Discover federal relief options, help protect your employees, and get tips on how your small business can overcome the coronavirus.

How can I use my Paycheck Protection Program loan?

PPP loans may be used for eligible payroll costs (cash compensation, state and local payroll taxes, and certain benefits) and eligible non payroll costs (certain payments of mortgage interest, rent, utilities, operations expenditures, property damage costs, supplier costs, and worker protection expenditures).
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How much funding could I get?

Eligible first-time business owners and organizations may receive up to $10 million. Second-time loan borrowers may be eligible for up to $2 million.

Ask your QuickBooks Community

Get answers to your PPP questions, find tips from experts, and learn more about how you can apply for the program’s loan within QuickBooks Capital.

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Intuit Aid Assist—see if you’re eligible for small business relief programs

Frequently asked questions

Check out additional frequently asked questions to learn more about the Paycheck Protection Program.