PPP Loans 2021
As part of the new stimulus package called the Economic Aid Act, the Paycheck Protection Program (PPP) is being reopened There are two slightly different versions of PPP:
- PPP First Draw Loans are for those who have not received a PPP loan
- PPP Second Draw Loans for those who have received a PPP loan
Starting Wednesday, February 24, the program will focus exclusively on businesses with 20 or fewer full-time employees. If you've assumed your business is too small, this is the perfect time to apply for PPP funding.
The similarities between the two programs include the following:
- Borrowers can set their PPP loan’s covered period to be any length between 8 and 24 weeks to best meet their business needs
- 2021 PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
- The PPP provides greater flexibility for seasonal employees
- PPP costs are now tax deductible
- The last day to apply for and receive a PPP loan is March 31, 2021
If you're a client interested in applying for a Second Draw PPP loan, please contact your lender for additional information.
Why Citizens State Bank-Indiana?
With so many companies targeting you with their PPP offers, why choose us? In 2020, we were able to help more than 650 local businesses retain over 7,300 jobs in our communities. We're committed to helping local businesses as they continue to navigate the struggles of running a business during this time - our mission is to help our clients, co-workers, and communities succeed.
This is a fluid situation and guidance and regulations may change. While we try to provide accurate information we encourage you to review the full guidance that can be found on the Small Business Administration’s website.