McNees Minute: SBA COVID Support

Sponsored Content: McNees Minute

Samantha L. Fugagli, Esq.
Corporate & Tax Law Group
sfugagli@mcneeslaw.com – 717-237-5446

Many opportunities for financial support from the Small Business Administration are still available.  The Paycheck Protection Program (or PPP) loan deadline has been extended through May 31, 2021. Early this year, many amendments to the Program were made to better support small businesses and nonprofits. There is a more favorable loan amount determination formula for independent contractors. Eligibility has expanded for certain nonprofits and digital news service providers. Restrictions on eligibility based on prior non-fraud felony convictions and student loan delinquency have been eliminated. Lawful residents who are non-citizen small business owners may apply for the PPP using a Taxpayer Identifiable number. In addition, two grants have been announced for some of the hardest-hit businesses  – the Restaurant Revitalization Fund grant and the Shuttered Venue Operators Grant. As the deadlines approach for some of these opportunities, please contact McNees for further information and assistance.

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