The US Small Business Administration is reopening the Paycheck Protection Program on January 11th, 2021. The Vermont Community Loan Fund believes that the PPP is a valuable relief & recovery tool for small businesses impacted by COVID-19.
VCLF will underwrite new PPP loan requests up to $150,000 for businesses with a pre-existing relationship with us. If your business already received a PPP loan from a bank OR, if you have an established working relationship with a conventional bank, we strongly urge you to pursue a PPP loan application through that institution. If your business can qualify for a larger PPP loan we encourage you to pursue a PPP loan through a bank.
If you want to apply for a PPP loan through VCLF, or if you have a question about whether a PPP loan is a good fit for your business, please contact us at vclf@vclf.org. Please do not call our main office line as all staff working on PPP are remote. Your email will be answered promptly.
ADDITIONAL GUIDANCE
While the release of guidance on this program is ongoing, we can share the following information so far on how to apply:- If you have not previously received a PPP loan, use the application found HERE. This is considered a "first-draw PPP application."
- If you have previously received a PPP loan, under certain conditions you can apply for what is called a "second-draw PPP loan." Before you fill out the second-draw PPP application please consider this summary of eligible conditions. You must fulfill all of these requirements to apply:
- Your business has 300 or fewer employees, including affiliates.
- Your business spent the entirety of your first-draw PPP loan on eligible expenses (i.e. payroll costs, utilities, rent, or mortgage interest).
- Your business can demonstrate at least a 25% reduction in gross receipts in 2020, compared to 2019. This reduction can be calculated for any quarter of 2020 relative to the same quarter in 2019. You are also eligible if you show a 25% reduction on an annual basis.
- If you meet all of these conditions for a second-draw PPP, the application is found HERE.
- We can only process complete applications.
The US Small Business Administration is reopening the Paycheck Protection Program on January 11th, 2021. The Vermont Community Loan Fund believes that the PPP is a valuable relief & recovery tool for small businesses impacted by COVID-19.
VCLF will underwrite new PPP loan requests up to $150,000 for businesses with a pre-existing relationship with us. If your business already received a PPP loan from a bank OR, if you have an established working relationship with a conventional bank, we strongly urge you to pursue a PPP loan application through that institution. If your business can qualify for a larger PPP loan we encourage you to pursue a PPP loan through a bank.
If you want to apply for a PPP loan through VCLF, or if you have a question about whether a PPP loan is a good fit for your business, please contact us at vclf@vclf.org. Please do not call our main office line as all staff working on PPP are remote. Your email will be answered promptly.
ADDITIONAL GUIDANCE
While the release of guidance on this program is ongoing, we can share the following information so far on how to apply:- If you have not previously received a PPP loan, use the application found HERE. This is considered a "first-draw PPP application."
- If you have previously received a PPP loan, under certain conditions you can apply for what is called a "second-draw PPP loan." Before you fill out the second-draw PPP application please consider this summary of eligible conditions. You must fulfill all of these requirements to apply:
- Your business has 300 or fewer employees, including affiliates.
- Your business spent the entirety of your first-draw PPP loan on eligible expenses (i.e. payroll costs, utilities, rent, or mortgage interest).
- Your business can demonstrate at least a 25% reduction in gross receipts in 2020, compared to 2019. This reduction can be calculated for any quarter of 2020 relative to the same quarter in 2019. You are also eligible if you show a 25% reduction on an annual basis.
- If you meet all of these conditions for a second-draw PPP, the application is found HERE.
- We can only process complete applications.