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Paypal ppp round 310/13/2023 The maximum loan amount is $2 million, down from $10 million in round one and round 2 of PPP, further demonstrating the effort to target relief to small businesses. The difference in loan size reflects the emphasis put on helping restaurants and hotels that have been hit especially hard by the pandemic and employ many workers who are struggling to make ends meet. The amount disbursed to businesses in the latest round of PPP will be 3.5x the average monthly payroll for businesses in the hospitality industry and 2.5x the average monthly payroll for all other qualifying businesses. Here’s what business owners should know about the latest iteration of PPP: Loan Size Through research and experience, our process is enhanced, streamlined, and expedited so we can hit the ground running once funds are fully made available. The SBA has until Januto issue specific program guidelines and guidance for implementation, but Upwise has had its ears to the ground to ensure we can duplicate the success we had facilitating PPP funds for our clients in the first and second round. The third round of PPP (PPPr3) includes improvements that make the program even more targeted and favorable to small businesses with the hope and expectation that every deserving business is able to benefit from the PPP’s round 3. The initial round of PPP funding included in March 2020’s CARES ACT was a blessing for businesses experiencing pandemic-induced revenue setbacks in 2020. Notably, $284 billion has been designated for funding forgivable loans through the revival of the Paycheck Protection Program (PPP) under the Economic Aid To Hard-Hit Small Businesses, Nonprofits, And Venues Act. On Decemthe $2.3 trillion Consolidated Appropriations Act of 2021 was signed into law, with $1.4 trillion of the total going towards funding the government through September 2021 and $900 billion for Covid-19 relief.
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