The Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act)

SBA PPP Alert

March 30, 2021

The Paycheck Protection Program deadline to apply has been extended to May 31st! Funds are limited so don't wait to apply.


We're All In This Together.

Amur Equipment Finance (Amur) is committed to you and the success of your business. While the news is constantly changing, our mission is to use this page to provide you up-to-date information on the resources made available to your business, including through the Paycheck Protection Program (PPP).  We will be updating this page as new information becomes available, please make sure to check back frequently.

Second draw SBA update

March 15, 2021

The SBA is now allowing businesses who received a first draw PPP loan in 2021 to receive a second draw. This is what you need to receive a second draw loan:

  1. Received a First Draw PPP Loan, and have used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan will be disbursed
  2. You must be able to show that your revenue has decreased by 25% or more in the same quarter of the prior year
  3. Your loan will be calculated based on 2.5x monthly payroll or 3.5x monthly payroll for borrowers in the Accommodation and Food Services sector (use NAICS 72)

Apply for your second draw loan HERE

Schedule C filer loan calculation update

February 24

  • At this time for borrowers that file IRS Form 1040 Schedule C the loan amount will be calculated on the net income amount until we have direction from the SBA on how to change the calculation using the gross income amount. Once we receive guidance from the SBA we will be able to amend your loan amount prior to funding.
  • The program will also make it easier for non-citizen small business owners who use an ITIN to file taxes to submit their applications.
  • The program will remove restrictions on student loan debt delinquency and for certain felonies.

For more information, please reference the White House factsheet

What You Need to Know.

On December 27, 2020, the federal government enacted the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (the Economic Aid Act) in order to provide continued assistance to individuals and businesses that have been financially impacted by the coronavirus pandemic. Under the Economic Aid Act, the PPP was re-opened through May 31, 2021 and was provided with $284 billion in additional funding for small businesses that qualify.

What Is The Paycheck Protection Program?

The PPP is a loan program that provides government-guaranteed, forgivable loans for qualifying small businesses to maintain their payrolls and pay other qualifying business expenses (meaning that, if you use the loan funds as directed and follow all other program requirements, you won’t need to pay the loan back).

How do I apply for my PPP Loan?

You can apply for your PPP funds now with Amur at https://amur-customer.biz2x.com/

Who qualifies for a Paycheck Protection Program Loan?

If you have not yet received a PPP loan, you may qualify if you were in operation on Feb. 15, 2020 and:

  • You have 500 or fewer employees;
  • You are a sole proprietor, independent contractor or an eligible self-employed individual;
  • You are a not for profit, including a church;
  • You are a Section 501(c) organization such as a housing cooperative, business league or similar organization with 300 or fewer employees; or
  • You are a qualifying news organization or and tribal business with 500 or fewer employees.

If you have already received a PPP loan, you may qualify for a “Second Draw” PPP loan if:

  • You have 300 or fewer employees;  
  • You experienced a revenue reduction of 25% or greater in any quarter of 2020 relative to the same quarter of 2019;
  • You have used, or will use, the full amount of your First Draw PPP loan on or before the expected date on which the Second Draw PPP loan is disbursed to you; and
  • You have used, or will use, the full amount of your First Draw PPP loan on qualifying expenses under PPP applicable rules.

Note that pursuant to the Economic Aid Act, for loans of $150,000 or less, you will not be required to submit any additional information or documents to certify you have had at least a 25% or greater reduction in revenue in 2020 relevant to 2019 at the time of the application, however, documentation may be required prior to forgiveness.

What Are The Terms Of PPP Loans? 

If you have not yet received a PPP loan, the terms of your First Draw PPP loan will be:

  • Loan amount of up to the lesser of 2.5 months of qualifying payroll expenses and $10 Million (3.5 months for borrowers assigned a NAICS code beginning with 72 at the time of disbursement;
  • Interest rate of 1%;
  • Maturity of 5 years;
  • First payment deferred for ten months unless the loan is forgiven;
  • 100% guarantee by SBA;
  • No collateral required; and
  • No personal guarantee is required.

If you have already received a PPP loan, the terms of your Second Draw PPP loan will be: 

  • Loan amount of up to the lesser of 2.5 months of qualifying payroll expenses and $2 Million;
  • Interest rate of 1%;
  • Maturity of 5 years;
  • First payment deferred for ten months unless the loan is forgiven;
  • 100% guarantee by SBA;
  • No collateral required; and
  • No personal guarantee required

What Can PPP Loans Be Used For? 

  • Payroll costs (note that 60% of PPP loan amounts must be used on payroll costs)
  • Certain covered cost relating to the continuation of group health care, life, disability, vision, or dental benefits
  • Mortgage interest payments (not mortgage prepayments or principal payments)
  • Rent payments
  • Utility payments
  • Interest payments on any other debt obligations that were incurred before February 15, 2020
  • Refinancing an SBA EIDL loan made between January 31, 2020 and April 3, 2020
  • Certain qualifying essential operational and safety expenditures, including PPE costs 

Still have questions?

We answered common questions about the PPP program on our FAQ's page HERE

You can also ask your questions to our support team by phone, email or live chat HERE

How To Qualify For Loan Forgiveness? 

Visit our Help Center for the Paycheck Protection Program loan forgiveness process HERE.

For additional information please visit the SBA.gov website