Owning a small business in these unprecedented times has been challenging for everyone. Luckily, there is more help underway. Congress has recently passed the “Consolidated Appropriations Act, 2021” which includes an expansion of the Paycheck Protection Program, as well as other assistance to small businesses. Ascendus will be administering this round of PPP loans and expects that many clients are eligible for additional funding. The application portal is NOW open.

In addition, the new legislation provides a smoother loan forgiveness process for those businesses that already have PPP loans. The second round of the Paycheck Protection Program will work similarly to the first round in providing funds for payroll and applicable overhead for small businesses. New PPP funding allows small business owners to apply for a loan regardless of whether they received funds from the first round of PPP or not. If you were unable to receive funding from the first round, you can apply for round two as a new applicant.

Find out if you’re eligible:


In order to receive a second draw PPP loan under this section, your business must:

  • Employ no more than 300 employees;
  • Have used the full amount of your first PPP loan
  • Demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter. Applicable timelines are provided for businesses that were not in operation in Q1, Q2, Q3, and Q4 of 2019. Applications submitted on or after January 1, 2021 are eligible to use the gross receipts from the fourth quarter of 2020.
  • Eligible businesses should be, non-profit organizations, housing cooperatives, veterans’ organizations, tribal businesses, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives.


Review the Loan Terms:

Businesses may receive a loan amount of up to 2.5x your average monthly payroll costs in the one year prior to the loan or the calendar year.

  • New entities may receive loans of up to 2.5x average monthly payroll costs
  • Entities in industries assigned to NAICS code 72 (Accommodation and Food Services) may receive loans of up to 3.5x average monthly payroll costs
  • Fees are waived for both borrowers and lenders to encourage participation

Businesses borrowing in the second round of PPP would be eligible for loan forgiveness equal to the sum of their payroll costs, as well as covered mortgage, rent, and utility payments, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures incurred during the covered period. The 60/40 cost allocation between payroll and non-payroll costs in order to receive full forgiveness will continue to apply.


Learn About Additional Eligible Expenses:

The Act makes the following expenses allowable and forgivable uses for PPP funds:

  • Covered operations: Payment for any software, cloud computing, and other human resources and accounting needs.
  • Covered property damage: Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance.
  • Covered supplier: Expenditures to a supplier pursuant to a contract, purchase order, or order for goods in effect prior to taking out the loan that is essential to the recipient’s operations at the time at which the expenditure was made. Supplier costs of perishable goods can be made before or during the life of the loan.
  • Covered worker protection expenditure: Personal protective equipment and adaptive investments to help a loan recipient comply with federal health and safety guidelines or any equivalent State and local guidance related to COVID-19 during the period between March 1, 2020, and the end of the national emergency

In preparation for your  First Draw PPP application, organize your documents before hand by following the below checklist:

– 2019 Business Tax Returns

-Complete 2019 & 2020 IRS Quarterly 940, 941, 944 payroll tax reports

-1099’s for independent contractors for 2019 & 2020

-Unexpired Government issued identification

-2019 & 2020 Schedule C for Sole Proprietors

-2019 and 2020 Payroll reports for a twelve-month period (ending on your most recent payroll date) which will show the following information:

  • Gross wages for each employee, including officer(s) if paid W-2 wages
  • Paid time off for each employee
  • Vacation pay for each employee
  • Family medical leave pay for each employee
  • State and local taxes assessed on an employee’s compensation

-Documentation showing total of all health insurance premiums paid by the company owner(s) under a group health plan

-Documentation showing the sum of all retirement plan funding that was paid by the company owner(s). (not including deductions from employee’s paycheck)

  • Include all employees and owners
  • Include 401K plans, Simple IRA etc.

For further PPP guidance, SBA, in consultation with the United States Treasury Department, has released the following resources :

For more information and updates, visit SBA.gov/PPP or Treasury.gov/CARES


The Consolidated Appropriations Act, 2021 extends the Paycheck Protection Program (PPP) through March 31, 2021.


Additional guidance will be available HERE.


Diego and Martha Castillo’s restaurant, Arepasmania, received assistance through the COVID-19 pandemic with a PPP loan from AscendusClick to learn more about their story.



Exercise for Setting Goals and Intentions for Your Small Business in 2021


-Find 30 Minutes to Reflect on What Your Business Accomplished in 2020

Step away from your work, computer, and phone for a few minutes and think about what your business has accomplished recently. Write down some of the highlights from 2020.

-Think About What You Would Like For Your Business To Accomplish in 2021

Brainstorm some successes you would like to celebrate for your business in the new year.

-Pick a Topic or Theme for Your New Goals

Think of a word or combination of words that encompasses your goals to use as a theme.

-Make an Official Action List of Your Goals

Determine your most important action items you would like to see carried out.  (i.e., Reduce Expenses, Pay-off Credit Card, Expand Services/Product List, etc…)

-Create A Timeline to Kick Off Your Goals

By writing down your intentions for the year on paper, you have already begun your commitment to success. Next, try to do one thing to support your goals each day.

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