The Federal Government has made changes to the current PPP Program. Among the changes are:
- An exclusive 14-day period, from Feb. 24, 2021 through Mar. 9, 2021, during which only businesses with fewer than 20 employees can apply for relief through the program
- The self-employed, sole proprietors, independent contractors and non-citizen small business owners can now qualify for PPP funding using a different, to be announced, loan calculation
PPP funding is awarded on a first come, first served basis and approximately $130 billion of PPP funding remains.
The DowntownDC Business Improvement District (BID) is ready to help small businesses apply for PPP:
- Technical application assistance available through CohnReznick (worth up to $800 in fees)
- Bank relationship available through Sandy Spring Bank
To be eligible, a business needs to have:
- Received and used proceeds from PPP First Draw,
- Fewer than 300 employees, and
- Experienced at least a 25% decline in gross receipts (revenue, interest income, dividend income) between any quarter or the entire year of 2020 as compared to 2019.
PPP can be used to pay for the following business expenses:
- 60% or more on payroll costs, plus,
- Employer paid benefits,
- Rent,
- Mortgage interest,
- Utilities,
- Interest,
- Certain supplier costs and expenses for operations, or
- Other: 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
The amount a business can apply for is as follows:
- Accommodation and Food Service businesses (NAICS code 72): 3 ½ months of average monthly 2019 or 2020 payroll costs, up to $2 million
- Others: 2 ½ months of average monthly 2019 or 2020 payroll costs, up to $2 million
Complete PPP details can be found at sba.gov. Please contact the DowntownDC BID today to receive Federal PPP Funding Assistance: ppp@downtowndc.org
or 202-624-1550