20 JANUARY 21, 2021 RIDGEWOOD TIMES WWW.QNS.COM
PPP reopens to support small businesses
BY CARLOTTA MOHAMED
CMOHAMED@SCHNEPSMEDIA.COM
@QNS
Queens’ small businesses fi ghting
to survive the COVID-19 pandemic
can now apply for a forgivable loan
under the Small Business Administration’s
Payroll Protection Program (PPP)
that offi cially reopened last week.
The initiative, which was closed on
Aug. 8, 2020, despite more than $130
billion remaining in the program, was
reopened under the $900 billion coronavirus
relief package that became law on
Dec. 27, 2020. The new law includes a total
of $284 billion for small businesses.
This new round of PPP loans also
makes other entities such as nonprofi t
organizations and housing cooperatives
newly eligible for funding, according
to Congresswoman Grace Meng, who
helped pass the PPP Flexibility Act that
became law and made improvements to
the program.
For months, small businesses in
Queens have called for help in the form
of grants, tax breaks and rent relief in
order to survive the pandemic, QNS
reported in December. With a second
wave already underway in New York
City and restrictions imposed by Gov.
Andrew Cuomo, such as an indefi nite
stop to indoor dining, some businesses
felt they were running out of time.
But some were hopeful that the trial
and errors of the PPP program from
months past will make for a smoother
rollout.
To qualify for a second round of
funding, borrowers must employ 300 or
fewer employees; have used or will use
the full amount of their fi rst PPP loan;
and demonstrate at least a 25 percent
reduction in gross receipts in the fi rst,
second or third quarter of 2020 relative
to the same 2019 quarter.
First-time borrowers must employ
500 or fewer workers. The program
opened to fi rst-time borrowers on Monday,
Jan. 11. For second round applicants,
it begins on Wednesday, Jan. 13. Community
lenders are fi rst to participate
in the program with other lenders to
follow soon.
To qualify for loan forgiveness, 60
percent of the loan must be used for
payroll expenses and the remaining 40
percent can be used for non-payroll expenses
such as rent, mortgage or utility
payments. Eligible expenses have been
expanded to include personal protective
equipment and supplier costs that
are essential to business operations.
The deadline to apply for the new
round of PPP loans is March 31, 2021,
or until funds run out. For more information
on the program, visit the SBA’s
website here.
New York small businesses seeking
PPP loans are encouraged to contact a
representative from the New York Small
Business Development Center (SBDC).
There are over 22 campus-based centers
and outreach offi ces across New York to
assist clients with the loan application.
For businesses located in Queens,
email the Queens College SBDC at sbdc@
qc.cuny.edu; LaGuardia Community
College SBDC at sbdc@lagcc.cuny.edu;
or York College SBDC at sbdc@york.
cuny.edu for assistance.
Applications for a forgivable loan under the Small Business
Administration’s Payroll Protection Program offi cially reopened.
Photo via Getty Images
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