LIREG's Peter Schapero (with scissors) and Lee Passavia (right) cut the ribbon along with representatives of UVBH, SC Contracting, National Grid and Lowe's. (Photo: United Veterans Beacon House)

More financial help for small business and nonprofits

January 9, 2021 The Long Island Times

A new incarnation of the Paycheck Protection Program is available to small businesses and nonprofits.

The federal Small Business Administration released a new application and new rules for PPP loans, which has a deadline of March 31, 2021.

Repeat PPP borrowers must use the full amount of their first PPP loan for authorized purposes on or before the expected date of disbursement of the second loan. To be eligible, applicants must show a revenue loss of at least 25 percent and have 300 or fewer employees.

If the business was deemed ineligible for the first round of PPP loans, it can’t apply for the new loan.

The loans have a 1 percent interest rate, a five-year maturity date, full loan forgiveness potential and good faith certification requirement.

Click here to download the application.