Paycheck Protection Program 2.0 expands eligibility to farmers, ranchers, self employed

Ruben Fields
January 21, 2021

After re-opening the Paycheck Protection Program to small lenders on Friday, the U.S. Small Business Administration is now opening the program to all lenders.

Earlier in last week, SBA granted dedicated PPP access to Community Financial Institutions (CFIs) which include Community Development Financial Institutions (CDFIs), Minority Depository Institutions (MDIs), Certified Development Companies (CDCs), and Microloan Intermediaries as part of the agency's ongoing efforts to reach underserved and minority small businesses.

"The PPP is off to another great start helping our nation's economy. Moreover, the SBA over-performed operationally, issuing guidance and rules in advance and in alignment with the new law's requirements", Carranza added. Businesses receiving loans larger than $150,000 must indicate the dollar amount of total receipts for 2020 compared to 2019.

New and second draw PPP loans are also available.

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Once a decision is reached by the SBA, Trustmark will complete the funding process for all approved loans through the secure, on-line portal.

In order to be approved applicants must fall under the categories of a small business with 500 or fewer employees, a sole proprietor, independent contractor, or self-employed and some nonprofits. "We will work together with the public sector to do whatever we can to support small businesses, including by providing access to the PPP loan program for PayPal customers and other small businesses".

The Paycheck Protection Program is a loan established by the Coronavirus Aid, Relief, and Economic Security Act in March 2020 to provide a direct incentive for small businesses to keep or rehire their workers.

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