Taylor: PPP loans available

by | Jan 12, 2021 | Latest

Small businesses that have not yet received emergency loans through the Paycheck Protection Program (PPP), also known as First Draw PPP Borrowers, can now apply for loans through the program, U.S. Rep. Van Taylor (District 3) said in a news release. The application process began Monday.

Businesses that previously received PPP funding, known as Second Draw PPP Borrowers, that qualify can apply for additional funds beginning Wednesday.  Initially, only community financial institutions will be able to make First Draw and Second Draw PPP Loans. 

The PPP will open to all participating lenders shortly thereafter. The following important updates have been made to the Paycheck Protection Program since it originally launched in 2020:

• Borrowers can set their covered period to be any length between 8 and 24 weeks to best meet their business needs.

• Loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures.

• 501(c)(6)s, housing cooperatives, direct marketing organizations, and other types of organizations that previously were not eligible may now apply.

• Certain existing PPP borrowers can request to modify their First Draw PPP Loan amount.

• Employers may now deduct PPP related business expenses.

Borrowers who already received PPP loans may apply for a second draw on or after Wednesday, January 13, 2021, if they: 
• Previously received a PPP Loan and will or have used the full amount only for authorized uses.
• Have no more than 300 employees.
• Demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.

More information about the Paycheck Protection Program, including frequently asked questions and application forms, can be found on the Small Business Administration website.  

From Staff Reports [email protected]

0 Comments

Related News

Early voting begins Monday

Early voting begins Monday

Early voting for the Nov. 2 Wylie municipal bond and Texas Constitution election runs Oct. 18-29. Nearby early voting locations for Dallas County residents include Sachse City Hall, Rowlett City Hall and Dallas College Garland Center, formally Richland College. Collin...

read more
Three keys to victory: Wylie East vs. Tyler High

Three keys to victory: Wylie East vs. Tyler High

The Raiders have had their shares of struggles at the start of district play, coming off of a heartbreaking loss to McKinney North.  Wylie East travels to Tyler to face the Tyler High School Lions Friday, Oct. 15. Here are three keys to a Raiders victory this...

read more
Wylie loses to Naaman Forest

Wylie loses to Naaman Forest

The Pirates (2-2, 2-5) allowed 28 points in the second half, losing to Naaman Forest 42-21. Play of the Game: Jaden Flores records pick-six against the Pirates Things started strong for Wylie against Naaman Forest (3-1, 3-1). After the first half, the Pirates held...

read more
Abraham qualifies to regional cross country meet

Abraham qualifies to regional cross country meet

Anjelika Abraham qualified for the third straight season, as the Wylie East cross country season competed at the district championship at Myers Park in McKinney Tuesday, Oct. 12. The senior finished ninth overall out of 48 runners in the girls varsity 5K (19:50.60)....

read more
Fire personnel teach safety techniques

Fire personnel teach safety techniques

Wylie Fire-Rescue has a full slate of visits scheduled in October for schools, daycares and other venues to teach fire safety.  At Wylie ISD’s Cox Elementary School on Oct. 8, the program was a skit centered on two cartoonish characters and a puppet. In the skit,...

read more
Tax bills coming soon

Tax bills coming soon

 Wylie residents should watch for the arrival property tax notices in the coming weeks.  Tax statements on behalf of taxing entities throughout Collin County will be mailed this month, Tax Assessor-Collector Kenneth Maun reported. Statements usually go in...

read more
Wylie city manager resigns

Wylie city manager resigns

Wylie City Manager Chris Holsted's resignation was accepted early Wednesday morning after the Wylie City Council met in an executive session to discuss his performance and contract. The vote to accept Holsted's resignation was 6-1, with Councilmember Garrett Mize...

read more
Principal embraces role of leader of students, teachers

Principal embraces role of leader of students, teachers

Tiffany Doolan started at Wylie East High School as its principal for the 2020-21 school year, a time of turbulence for all schools because of the pandemic.  Doolan, who was the former assistant principal at East, recently talked about her job as the leader of the...

read more