Businesses that received a Payroll Protection Program loan in 2020 could be eligible once again. | Stock Photo
Businesses that received a Payroll Protection Program loan in 2020 could be eligible once again. | Stock Photo
The Paycheck Protection Program is back once again in 2021 to help small businesses struggling through the COVID-19 pandemic.
Knox County Area Partnership President Ken Springer said the federal government added approximately $300 billion into the PPP program when lawmakers OK'd the stimulus in late-December.
Springer said the Paycheck Protection Program was a popular and widely used "rescue tool" for small businesses feeling the financial pinch last year.
This time, businesses that received help through the PPP in 2020 can get aid again if they meet eligibility requirements.
"The businesses have to be able to show a 25% decline in gross receipts in any quarter for 2021 when compared to the same quarter of 2019," Springer told 97.7 WMOI. "For a lot of businesses, particularly those in the hospitality, restaurants, retail industries, lodging businesses as well, that will not be that hard to show a 25% decline for a lot of those businesses."
He said this is a good opportunity for those businesses to take part in a program that provided a lot of help the first time around.
Companies that didn't receive a PPP loan in 2020 can apply for the program under the initial guidelines and don't have to prove a 25% drop in revenue. Nonprofit organizations that meet the requirements are also eligible for the loan. Those interested in applying for the program can do so with their lender or any bank of their choice.
Entertainment venues could also be awarded up to 45% of their revenue from 2019. Movie theaters, concert halls, and performing arts centers are all eligible for these grants thanks to the Shuttered Venue Operator's Grant program. These establishments are only eligible for the Shuttered Venue Operator's Grant if they haven't received a PPP loan in 2021.
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