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New to the PPP loan process?

Join the hundreds of other small businesses Ascendus has helped in 2020 by applying for a first round PPP loan. It is time to rise to the challenge of these unprecedented times and luckily, there is more help underway. Congress passed the “Consolidated Appropriations Act, 2021” on December 27, 2020,  which includes an expansion of the Paycheck Protection Program, as well as other assistance to small businesses.

In preparation for your First Draw PPP application, organize your documents 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.

Here are the general eligibility requirements:

  • You have not previously received a PPP loan.
  • You must have 500 or fewer employees
  • A wide variety of businesses are eligible for the program. Both for-profit and certain non-profit small businesses are eligible. In addition, sole proprietorships, independent contractors, tribal businesses, and small agricultural co-ops can obtain PPP loans

Please note that you are not required to demonstrate a reduction in revenue to apply for your first PPP loan


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 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 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.

Need Additional Guidance?

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

· SBA Guidance on Accessing Capital for Minority, Underserved, Veteran and Women-Owned Business Concerns  (Released 1/6/2021)

· Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act (Released 1/6/2021)

· Interim Final Rule on Second Draw Loans (Released 1/6/2021)

For more information and updates, visit or

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

Additional guidance will be available HERE.



Anthony Acevedo

Non-Medical Emergency Transportation—PPP Loan Client

Anthony received assistance through the COVID-19 pandemic with a PPP loan from Ascendus. “The PPP loan is helping me navigate through this time. Ascendus helped me through each step of the application, guiding me and really helping me out because they understood the circumstances and the fact that so many businesses needed help.”—Anthony Acevedo

Click to learn more about his story.

“It was definitely a pleasure working with Anthony Acevedo.  He is a single father and hardworking man who received a term loan through Ascendus to help his business expand and then a PPP loan during COVID.  Recently, he bought a house which he attributes to his positive experience with Ascendus.

Stories like this make the work we do worth it. We are truly helping people.” Dayanne Bohorquez- Ascendus Loan Consultant

The Restaurant Futures Loan launches on February 8th.

Are you a restaurant with at least 3 years in business located in CA, FL, GA, DC, IL, LA, MA, MI, NY, OH, PA, TX, or WA? Are you committed to building a safe and equitable workplace for your employees?

If so, you may qualify for a loan up to $50,000 at 0% interest and only $25 monthly payments for the first 12 months.

Product description: 0% loans up to $50,000 with only $25 monthly payments for the first 12 months for restaurants dedicated to creating safe and equitable work environments for their employees in CA, DC, GA, IL, LA, MI, NY, OH, PA, TX, or WA.

Link to product & application

Grants Available for Queens Small Businesses Affected by COVID-19

The City has partnered with several community-based organizations to offer grants of up to 20k to Queens businesses and vendors with 20 or fewer employees. The program aims to support businesses that are minority-owned or those located in a Low- to Moderate-Income community or a community hardest hit by COVID-19.

To learn more on how to apply, please email Coco Corona at  [email protected]  or click HERE.


February is Black History Month!

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