In the event the a regular workplace one gotten a good PPP mortgage just before ount under the the new laws and regulations, the latest Borrower can work on Lender to submit a consult towards SBA to improve the fresh PPP amount borrowed. This is exactly you are able to even when the financing could have been completely paid plus when your Lender’s first SBA Function 1502 are accountable to the SBA with the PPP mortgage was already submitted; but not, the increased loan amount usually do not surpass the utmost PPP amount borrowed. Brand new Borrower must provide the lending company with the needed documents so you can secure the computation boost. Any raise consult need to be recorded into the or ahead of , that is subject to the availability of PPP financing.
Usually, the maximum amount borrowed to own Very first Mark Fund ’s the lower of $ten mil otherwise an amount determined with the payroll-dependent formula. PPP finance that were recognized during the 2020 utilized the 2019 otherwise usually the one-year months before the date about what the borrowed funds was made to help you assess payroll can cost you with regards to calculating the utmost financing amounts. Borrowers applying for PPP funds in the 2021 who aren’t worry about-working are allowed to utilize the one-12 months months until the date on what the mortgage is created so you can assess payroll will cost you if the choosing to perhaps not fool around with 2019 otherwise 2020.
This new SBA has provided useful directions for the figuring restrict loan quantity a variety of form of Individuals, that will be accessed right here. Mention, although not one mainly because instructions was published, the rules was in fact converted to enable it to be best people, separate contractors and you may care about-operating people to use revenues, as opposed to net income, whenever calculating brand new eligible amount borrowed.