{"id":17575,"date":"2021-04-29T17:13:29","date_gmt":"2021-04-30T00:13:29","guid":{"rendered":"https:\/\/www.tmcfinancing.com\/?post_type=resource&#038;p=17575"},"modified":"2021-04-29T21:40:35","modified_gmt":"2021-04-30T04:40:35","slug":"cares-act-paycheck-protection-program","status":"publish","type":"resource","link":"https:\/\/www.tmcfinancing.com\/es\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/","title":{"rendered":"Programa de protecci\u00f3n de cheques de pago de la ley Cares"},"content":{"rendered":"\n<h1>\n\t\t<a href=\"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/\" title=\"Covid-19 Resource Guide\" target=\"_self\" rel=\"noopener\">\n\t\tCovid-19 Resource Guide\n\t\t<\/a>\n\t<\/h1>\n<h2>\n\t\tCares Act Paycheck Protection Program\n\t<\/h2>\n\t<p>TMC is your partner and we are <strong>here to help<\/strong>.<\/p>\n<p>We recognize the immense challenges facing small businesses as a result of the Coronavirus crisis. It is our goal to be as helpful and as supportive as possible to get through this difficult time. Please find information regarding the Paycheck Protection Program (PPP) and 2021 Consolidated Appropriations Act.<\/p>\n<h2>\n\t\tStimulus Package #2: 2021 Consolidated Appropriations Act\n\t<\/h2>\n\t<p>The 2021 <strong><u><a href=\"https:\/\/www2.tmcfinancing.com\/e\/183462\/6GF2vb0t-OO4qXH0Wum6rPljgz0-e-\/3r4n3w\/550148762?h=GUZWMDBGHxdDjioLhJTRS8WW0dQTIkgrrXAV_WD8HiA\" target=\"_blank\" rel=\"noopener noreferrer\">Consolidated Appropriations Act<\/a><\/u><\/strong>, a $900 billion COVID relief package combined with $1.4 trillion government-wide funding, was passed by Congress and signed into law on December 27th.\u00a0 The COVID relief portion of the legislation includes many provisions for small businesses, including a new PPP Relief Package.<\/p>\n\n\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\">Paycheck Protection Program Loan <strong>(PPP 2nd Draw &#8211; now open)<\/strong><\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-0\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-0\"><i>Expand<\/i><\/a>\n\t\t<ul>\n<li>Businesses that received a First Draw PPP Loan\u00a0can apply for a Second DrawPPP Loan\u00a0if they experienced a drop of at least 25% in 2020 revenue over the same time period in 2019<\/li>\n<li>PPP borrowers must have used all of their\u00a0First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed<\/li>\n<li>The full amount of the First Draw PPP Loan must have been spent on permitted authorized costs<\/li>\n<li>The new PPP Program is authorized by SBA through March 31st, 2021<\/li>\n<li>The maximum loan amount for a Second Draw PPP Loan is equal to 2 1\/2\u00a0months of the borrower&#8217;s average monthly payroll<\/li>\n<li>For restaurants and businesses in the hospitality industry, the maximum loan amount can be as much as 3-1\/2 months of average monthly payroll<\/li>\n<li>If a Second Draw PPP borrower used\u00a0its 2019 figures to determine its First Draw PPP Loan amount and uses its 2019 figures to determine Second Draw PPP loan amount, TMC will not need any additional documentation to substantiate payroll costs<\/li>\n<li>For Second Draw PPP Loans less than $150,000 PPP borrowers must submit the revenue reductions documentation <em>EITHER<\/em> at application or when it applies for PPP Loan forgiveness.\u00a0 For Second Draw PPP Loans greater than $150,000, PPP borrowers must submit documentation at the time of application<\/li>\n<li><a href=\"https:\/\/1vdp6b4nuhumm16z8q5ux10x-wpengine.netdna-ssl.com\/wp-content\/uploads\/2021\/01\/ppp_second_draw_borrower_app-EXAMPLE.pdf\" target=\"_blank\" rel=\"noopener noreferrer\">Click here<\/a> to view an example Second Draw Borrower Application, SBA Form 2483-SD (1\/21).\u00a0 This is for informational purposes only, <strong>TMC PPP borrowers will receive an email invite when our application portal is open later this week.<\/strong><\/li>\n<li>Also note:\n<ul>\n<li>Expenses paid for with PPP loan proceeds, <em>are deductible from federal taxes<\/em><\/li>\n<li>A simplified forgiveness application for <strong>loans<\/strong> <strong>under $150,000<\/strong> is expected to be released soon<\/li>\n<\/ul>\n<\/li>\n<li><strong>EIDL<\/strong>: The $1,000 &#8211; $10,000 grant received by EIDL borrowers\u00a0will no longer be\u00a0 deducted from PPP loan forgiveness.<\/li>\n<\/ul>\n<p>Please review\u00a0our <a href=\"https:\/\/www2.tmcfinancing.com\/e\/183462\/ppp-forgiveness-faqs-\/3r4n41\/550148762?h=GUZWMDBGHxdDjioLhJTRS8WW0dQTIkgrrXAV_WD8HiA\" target=\"_blank\" rel=\"noopener noreferrer\"><strong>PPP Loan Forgiveness FAQs<\/strong><\/a><strong>\u00a0<\/strong>to learn more about the forgiveness application process and note that if you are a TMC PPP borrower we will send an email invite to apply for Second Draw PPP Loans as soon as the TMC application portal is open.\u00a0 Thank you.<\/p>\n\t\t\t<a href=\"#\" id=\"fl-accordion--label-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\">Paycheck Protection Program Loan (PPP 1st Draw &#8211; now closed)<\/a>\n\t\t\t\t\t\t\t<a href=\"#\" id=\"fl-accordion--icon-1\" tabindex=\"0\" aria-controls=\"fl-accordion--panel-1\"><i>Expand<\/i><\/a>\n\t\t<p>CARES expands the SBA 7(a) program with the PPP Loan &#8211; specifically designed to enable businesses to retain their employees during this time of crisis and uncertainty. With initial PPP funds exhausted in two weeks, the SBA opened a second round of funding.\u00a0Hours before the second round of funding was due to close on July 3rd, President Trump signed the &#8220;PPP Extension Act&#8221; which consists of the same exact language that passed the Senate on June 30th.<\/p>\n<p>The PPP loan was available to business with\u00a0 fewer than 500 employees, including 501(c)(3)s, that were operational on, or before Feb. 15, 2020. Loan terms are as follows:<\/p>\n<p><strong>Loan amount<\/strong> &#8211; 2.5 times average monthly payroll over the past 12 months, up to maximum of $10 million.<\/p>\n<p><strong>Terms<\/strong> &#8211; rate 1% fixed, 5 year term, no fees, no prepayment penalty, no personal guaranty, no collateral<\/p>\n<p><strong>Use of loan proceeds<\/strong> &#8211; payroll, health benefits, rent, mortgage payments (limited to interest no principal) and utilities. This loan is designed to help you retain your employees and keep a roof over your head.<\/p>\n<p><strong>Payment deferment<\/strong> &#8211; all loans payments deferred for the first 6 months<\/p>\n<p><strong>Loan forgiveness*<\/strong> &#8211;\u00a0 the amount used for eligible uses listed above in an 24-week period during the &#8220;covered period&#8221; ( February 15 &#8211; Dec. 31,2020) will be forgiven.\u00a0 The government will write a check to the lender for that amount.<\/p>\n<p>In the event not all of the original loan was used for the purposes above, the remainder will be turned into a 5-year term loan with the same 1% interest rate.<\/p>\n\n\n\n\n\t\t<h3>PPP Loan Forgiveness<\/h3>\t\t\n\t\t\t<h4 data-ultimate-target=\"#Info-table-wrap-5255 h4\" data-responsive-json-new=\"{&quot;font-size&quot;:&quot;&quot;,&quot;line-height&quot;:&quot;&quot;}\">We are now accepting applications<\/h4>\n<p>To get the process started, email\u00a0the legal name of the borrowing entity, your contact information and if possible, the PPP SBA loan number to <a target=\"_blank\" rel=\"noopener noreferrer\" data-enc-email=\"ccc[at]gzpsvanapvat.pbz\" data-auth=\"NotApplicable\" data-wpel-link=\"ignore\">ppp@tmcfinancing.com<\/a>.<\/p>\n<p>You will then\u00a0receive a link via email to our debt forgiveness application system.\u00a0The system will guide you through the application form.<\/p>\n\n<h2>\n\t\tCovid-19 Resource Guide\n\t<\/h2>\n\n","protected":false},"featured_media":17572,"parent":17558,"menu_order":0,"template":"","resource_type":[8618,8617],"class_list":["post-17575","resource","type-resource","status-publish","has-post-thumbnail","hentry","resource_type-covid-19-resource-guide","resource_type-guide"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v21.3 (Yoast SEO v27.9) - https:\/\/yoast.com\/product\/yoast-seo-premium-wordpress\/ -->\n<title>Cares Act Paycheck Protection Program | TMC Financing<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.tmcfinancing.com\/es\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/\" \/>\n<meta property=\"og:locale\" content=\"es_MX\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Cares Act Paycheck Protection Program\" \/>\n<meta property=\"og:description\" content=\"Covid-19 Resource Guide Cares Act Paycheck Protection Program TMC is your partner and we are here to help. We recognize the immense challenges facing small businesses as a result of&#8230;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.tmcfinancing.com\/es\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/\" \/>\n<meta property=\"og:site_name\" content=\"TMC Financing\" \/>\n<meta property=\"article:publisher\" content=\"http:\/\/www.facebook.com\/pages\/TMC-Financing\/285163574849957\" \/>\n<meta property=\"article:modified_time\" content=\"2021-04-30T04:40:35+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2021\/04\/covid-ppp.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"587\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:site\" content=\"@TMCFinance\" \/>\n<meta name=\"twitter:label1\" content=\"Tiempo de lectura\" \/>\n\t<meta name=\"twitter:data1\" content=\"4 minutos\" \/>\n<!-- \/ Yoast SEO Premium plugin. -->","yoast_head_json":{"title":"Cares Act Paycheck Protection Program | TMC Financing","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.tmcfinancing.com\/es\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/","og_locale":"es_MX","og_type":"article","og_title":"Cares Act Paycheck Protection Program","og_description":"Covid-19 Resource Guide Cares Act Paycheck Protection Program TMC is your partner and we are here to help. We recognize the immense challenges facing small businesses as a result of&#8230;","og_url":"https:\/\/www.tmcfinancing.com\/es\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/","og_site_name":"TMC Financing","article_publisher":"http:\/\/www.facebook.com\/pages\/TMC-Financing\/285163574849957","article_modified_time":"2021-04-30T04:40:35+00:00","og_image":[{"width":1000,"height":587,"url":"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2021\/04\/covid-ppp.jpg","type":"image\/jpeg"}],"twitter_card":"summary_large_image","twitter_site":"@TMCFinance","twitter_misc":{"Tiempo de lectura":"4 minutos"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"WebPage","@id":"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/","url":"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/","name":"Cares Act Paycheck Protection Program | TMC Financing","isPartOf":{"@id":"https:\/\/www.tmcfinancing.com\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/#primaryimage"},"image":{"@id":"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/#primaryimage"},"thumbnailUrl":"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2021\/04\/covid-ppp.jpg","datePublished":"2021-04-30T00:13:29+00:00","dateModified":"2021-04-30T04:40:35+00:00","breadcrumb":{"@id":"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/#breadcrumb"},"inLanguage":"es","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/"]}]},{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/#primaryimage","url":"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2021\/04\/covid-ppp.jpg","contentUrl":"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2021\/04\/covid-ppp.jpg","width":1000,"height":587},{"@type":"BreadcrumbList","@id":"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/cares-act-paycheck-protection-program\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.tmcfinancing.com\/"},{"@type":"ListItem","position":2,"name":"Resource Guide for Small Businesses Impacted by Covid-19","item":"https:\/\/www.tmcfinancing.com\/resource\/resource-guide-for-small-businesses-impacted-by-covid-19\/"},{"@type":"ListItem","position":3,"name":"Cares Act Paycheck Protection Program"}]},{"@type":"WebSite","@id":"https:\/\/www.tmcfinancing.com\/#website","url":"https:\/\/www.tmcfinancing.com\/","name":"Financiamiento TMC","description":"Prestamista No. 1 de la SBA 504 en la naci\u00f3n","publisher":{"@id":"https:\/\/www.tmcfinancing.com\/#organization"},"potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.tmcfinancing.com\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"es"},{"@type":"Organization","@id":"https:\/\/www.tmcfinancing.com\/#organization","name":"TMC Financing, Inc.","url":"https:\/\/www.tmcfinancing.com\/","logo":{"@type":"ImageObject","inLanguage":"es","@id":"https:\/\/www.tmcfinancing.com\/#\/schema\/logo\/image\/","url":"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2015\/08\/logo.png","contentUrl":"https:\/\/www.tmcfinancing.com\/wp-content\/uploads\/2015\/08\/logo.png","width":130,"height":133,"caption":"TMC Financing, Inc."},"image":{"@id":"https:\/\/www.tmcfinancing.com\/#\/schema\/logo\/image\/"},"sameAs":["http:\/\/www.facebook.com\/pages\/TMC-Financing\/285163574849957","https:\/\/x.com\/TMCFinance","http:\/\/www.linkedin.com\/company\/57173","http:\/\/www.youtube.com\/user\/tmcfinancingTV"]}]}},"_links":{"self":[{"href":"https:\/\/www.tmcfinancing.com\/es\/wp-json\/wp\/v2\/resource\/17575","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.tmcfinancing.com\/es\/wp-json\/wp\/v2\/resource"}],"about":[{"href":"https:\/\/www.tmcfinancing.com\/es\/wp-json\/wp\/v2\/types\/resource"}],"up":[{"embeddable":true,"href":"https:\/\/www.tmcfinancing.com\/es\/wp-json\/wp\/v2\/resource\/17558"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.tmcfinancing.com\/es\/wp-json\/wp\/v2\/media\/17572"}],"wp:attachment":[{"href":"https:\/\/www.tmcfinancing.com\/es\/wp-json\/wp\/v2\/media?parent=17575"}],"wp:term":[{"taxonomy":"resource_type","embeddable":true,"href":"https:\/\/www.tmcfinancing.com\/es\/wp-json\/wp\/v2\/resource_type?post=17575"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}