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Paycheck Protection Program (PPP)
Due to high demand, Ascendus is no longer taking PPP applications.
The Paycheck Protection Program (PPP) is a forgivable loan program funded by the government to support small businesses effected by COVID-19 which ends on May 31st. All banks and most community lenders like Ascendus are no longer accepting PPP applications.
Due to recent SBA guideline changes, we are experiencing higher than normal call volume. If you have a question about a PPP application already submitted we ask for your patience as we work through the queue. If you need to contact us directly, kindly email us at [email protected].
If you are interested in learning more about other programs for small businesses, check out our products page.
PPP Forgiveness
Already an Ascendus PPP client? After this final round of PPP applications is closed, we will be reaching out to our PPP clients regarding forgiveness applications. If you have questions about your forgiveness application, we ask that you wait until after June 30th before reaching out to us. We have provided FAQs on PPP forgiveness below. You can also visit the SBA website to ensure you are preparing yourself for your forgiveness application.
PPP Requirements and FAQs
Due to high demand, Ascendus is no longer accepting PPP applications.
On February 24th the Biden Administration made changes to the Paycheck Protection Program (PPP) to make the process fairer and easier for minority-owned and very small businesses. If you have not yet applied, now may be the time.
What do the new rules mean for you?
- More money: Now Schedule C filers can use the gross income on line 7 of IRS Form 1040 Schedule C rather than line 31 to calculate maximum PPP loan amount.
- More inclusive: The new rules mean more people can apply for PPP including those who are delinquent on federal student loan payments and non-citizen business owners.
- Priority goes to smallest businesses: Small businesses with fewer than 20 employees have an exclusive two-week window where only they can apply for PPP loans.
“While the Paycheck Protection Program has delivered urgent relief to many businesses across the country, the initial round of PPP last year left too many minority-owned and mom and pop businesses out while larger, well-connected businesses got funds quickly,” a Biden administration official told reporters on Sunday.
Paycheck Protection Program FAQs
- Payment Deferment: If business submit to lender a loan forgiveness application within 10 months after the end of the loan forgiveness covered period, it will not have to make any payments of principal or interest on the loan before the date on which SBA remits the loan forgiveness amount on the loan to the lender
- Loan can be forgiven if used for eligible expenses
- No collateral and no personal guaranty (no credit check)
- Flexibility in the time to use the funds: covered period to be any length between 8 and 24 weeks.
- PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
- Loan size: 2.5 times the monthly average payroll, food, beverage &hospitality businesses may apply for up to 3.5 times the monthly, average payroll
- Interest Rate: 1% and a 5 year term
- Program will end on May 31st 2021
If you’ve already drawn down on a PPP loan, this is considered your second draw. See parameters for your second draw:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
If you don’t qualify for a second PPP draw, you may qualify for one of our other programs. You can also check out our free online business resources or sign up for our monthly business newsletter below.
It’s great that our business can be a platform for people to be supportive and connect with each other.
The experience of working with Ascendus was awesome, particularly the excitement they showed in my progress and in my business.
I’ve had customers for 15 years, since I started out of my home. People keep coming back and many have become my good friends. I come to the store always happy.
