Additional Relief via PPP Round 2
The SBA announced that the PPP loan program will be-reopening this week. Community-based financial institutions, such as your local bank, may have started initiating PPP loan applications as of Monday, January 11th.
If you meet the following, you may be eligible:
- 300 or fewer employees (or per location for restaurants and accommodations) AND
- 25% reduction in gross receipts in any quarter in 2020 compared to corresponding quarter in 2019.
If you think you may be eligible, please be in contact with your bank and collect information to support your reduction in gross receipts.
An additional tax credit may also be available. 2020 Employee Retention Credit opportunities have been expanded. If you meet the following, you should consider this further:
- 50% reduction in gross receipts in any quarter in 2020 compared to corresponding quarter in 2019 OR
- Subject to full or partial shutdown due to COVID-19 related government shutdown.
See the link below for additional information:
The Nebraska Cultural Endowment strongly encourages arts and humanities nonprofits across the state to contact their local bank to inquire as to their eligibility for this relief program.
Thank you to our friends at HBE for the summary information above.