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RachelM
Community Manager

Office Hours with Next Street team to discuss Healthy Small Business Tips & PPP

Thanks to the Next Street and GoDaddy teams for their see insights on healthy small business tips to start the new year as well as the latest update on PPP (Paycheck Protection Program) and how you might qualify. We were here in the GoDaddy Community forums on Wednesday, January 27th from 2:15-3:00pm PT, 5:15-6pm EST to answer your questions and share information.

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
39 REPLIES 39
RachelM
Community Manager

Do I need to spend the PPP (Paycheck Protection Program) dollars immediately upon receipt?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

No, PPP borrowers can set their PPP loan's covered period to be any length between eight (8) and twenty four (24) weeks to best the needs of their business.

Small Business Expert

No, PPP borrowers can set their PPP loan's covered period to be any length between eight (8) and twenty-four (24) weeks to best the needs of their business.

Small Business Expert
RachelM
Community Manager

Has PPP (Paycheck Protection Program) expanded to cover additional business expenses?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

Yes, the new PPP loans will cover additional expenses, including:

  • operations expenditures
  • property damage costs (including looting)
  • supplier costs
  • worker protection expenditures.
Small Business Expert
RachelM
Community Manager

Has PPP (Paycheck Protection Program) expanded to cover additional business types?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

Yes, the new PPP loans will cover additional expenses, including:

  • 501(c) (6)s
  • housing cooperatives
  • destination marketing organizations
  • additional types of organizations are also available
Small Business Expert
RachelM
Community Manager

Is there anything I can do to reduce the stress of applying for the PPP (Paycheck Protection Program)? 

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

One of the ways to reduce the stress of applying for the PPP is getting yourself familiarized with the documents requested since many of them are already at your disposal and also trusting the review process. Some financial institutions might require different documents through different parts of the application process, so a good approach is take everything step by step, and conquer specific parts of the application one at a time. Rushing in document collection and submission might cause for wrong calculations, and will delay the process even more by creating confusion to you as a business-owner and to the lender as well, who will be reviewing your application. 

Small Business Expert
RachelM
Community Manager

I received a PPP (Paycheck Protection Program) loan in the first draw, am I eligible for PPP in this second draw?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

Yes, in general borrowers are eligible for a Second Draw PPP loan if the borrower:
• previously received a First Draw PPP Loan and will or has already used the full amount only for authorized uses
• has no more than 300 employees
• can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020

Small Business Expert
RachelM
Community Manager

I applied for the EDIL (Economic Injury Disaster Loan) Advance in round 1, but the money ran out. Can I apply again?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Elsiaga
Next Street Team

No need to apply again, the SBA will reach out to those who qualify. Applicants do not need to take any action at this time.
• SBA will first reach out to EIDL applications that already received a partial EIDL Advance (between $1,000 - $9,000).
• Applicants will be contacted directly by SBA via email in the coming weeks with instructions to determine eligibility and submit documentation.
• Must have previously received an EIDL Advance for less than $10,000, or applied but received no funds due to lack of available program funding

Small Business Expert
RachelM
Community Manager

My financial institution is not participating in PPP (Paycheck Protection Program), where can I apply?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Ryanmetcalf
Funding Circle Team

You are welcome to apply for a 1st or 2nd draw PPP loan through Funding Circle at www.fundingcircle.com 

Small Business Expert
RachelM
Community Manager

I received an EIDL (Economic Injury Disaster Loan) advance, will it be deducted from the forgiveness of my PPP loan?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Ryanmetcalf
Funding Circle Team

No, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act removed the EIDL advance deduction from forgiveness. If your first draw loan was already forgiven, the SBA will be reimbursing you. Contact your lender for more information.

Small Business Expert
RachelM
Community Manager

Are there tax implications to taking out a PPP (Paycheck Protection Plan) loan?

RachelM - GoDaddy | Community Manager | 24/7 support available at x.co/247support | Remember to choose a solution and give kudos.
Ryanmetcalf
Funding Circle Team

Yes, you should consult with your accountant or tax attorney to understand Federal and state tax implications. 

Small Business Expert