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Covid-19 Relief

 Paycheck Protection Program Loan Assistance

The Paycheck Protection Program was first established under the CARES Act in March of 2020 and provides forgivable loans to small businesses affected by the pandemic. 

100% Loan Forgiveness

On all authorized expenses.

Working Capital

Generally 2.5 times monthly payroll costs.

Second Draws

Businesses can get a second PPP loan.

Low Interest Rate

Low 1% APR for the entire life of PPP Loan.

Defer Payments

Payments deferred for the first 10 months.

No Collateral

No collateral or personal guarantees required.

PPP ROund 2

Apply for your first PPP loan

Small businesses financially affected by COVID-19 can apply for a PPP loan. Additionally, to be eligible the business or organization must demonstrate the following:

  • it has no more than 500 full-time, part-time, or seasonal employees
  • it was operational before February 15, 2020, and remains operational.

PPP Round 2

Apply for a second PPP loan

Existing PPP borrowers can qualify for a second draw PPP if they can demonstrate the following:

  • a 25% revenue drop in the 1st, 2nd, 3rd, or 4th quarter in 2020 compared to the same quarter in 2019.
  • they have 300 employees or less (or no more than 300 employees per physical location)
  • they have used or have plans use the full amount of their first PPP loan

PPP LOan Forgivness

Apply for 100% loan forgiveness

The PPP is intended to provide an incentive for businesses to retain their employees by offering loan forgiveness. Your PPP loan is eligible for 100% full forgiveness if 60% is used on payroll costs and the other 40% is used on qualified expenses during the cover period. Qualified expenses include payroll costs, rent, mortgage interest, utilities, supplier costs, property damage costs, technology services, and personal protective equipment costs.

Frequently Asked Questions

If you still can’t find an answer to your question, please give us a call at 866-968-4848 or email us at ppp@eco-tax.com.

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By outsourcing payroll, you’ll save time, reduce cost, enhance security, and remain compliant. Let us take care of your payroll from start to finish and have more time to focus on your business.

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    Claudia Fierro-Poppen, Owner - Ommie Snacks
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