Congress recently passed a second round of COVID-19 relief that includes approx. $300B allotted to the Small Business Association for small business lending programs and will allow the hardest hit small businesses to receive second forgivable PPP loans.
This new relief package includes:
- Additional funding for new PPP loans
- The option to obtain a second PPP loan for small businesses facing large revenue declines in any 2020 quarter
- $20 million for the Economic Injury Disaster Loan Program
- $15 billion for live venues, independent movie theaters and cultural institutions
- Loan eligibility for Section 501(c)(6) not-for-profit organizations for the first time
- A material change from existing IRS guidance for business expenses paid with forgiven PPP loans
Updated Paycheck Protection Program
The updated Paycheck Protection Program has a few changes. During this round, small businesses with 300 or fewer employees can access forgivable loans. These loans can be used for payroll costs, employee compensation, insurance premiums and group healthcare benefits, rent, utilities, and more.
Eligibility for Second Round PPP Loans
The second round of PPP loans are available to first-time qualified borrows and borrowers that previously received a PPP loan. PPP loans are limited to business that:
- Employ less than 300 employees or meet an alternative size standard
- Have used the entire amount of their first PPP loan
- Had revenue during Q1, Q2, or Q3 2020 that were at least 25% less than the revenue from the same quarter in 2019
Reliant Funding Partners with Biz2Credit
Reliant Funding has announced its partnership with Biz2Credit, a leading online credit platform provider for small businesses and financial institutions, to secure a second round of Paycheck Protection Program (PPP) funds for its prospects and clients, using Biz2Credit’s Biz2X® PPP platform.
“While we’re seeing some progress with the COVID-19 vaccine, we know our economy and small businesses are still struggling, and are in need of additional support,” said CEO of Reliant Funding Adam Stettner. “We have helped over 60,000 businesses obtain funding since our inception, with over 5,000 receiving funding from Reliant just this year and we’re working hard to ensure small businesses continue to get the support they need.”
Reliant Funding and Biz2Credit will work in tandem to facilitate loans to make the application process as easy as possible for American small businesses. The companies help from start to finish, from determining eligibility to step-by-step instructions for loan forgiveness. Small businesses always have the opportunity to apply for additional flexible working capital through Reliant Funding.
Apply for PPP Loan
The team here at Reliant Funding has worked to facilitate PPP applications for our customers. Our application process is simple and quick; there are no added fees, and no obligation to accept the program.
Submit your application through our portal with Biz2Credit to find out if you and your company are eligible and what you may be approved for.
