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New PPP loans: What business owners need to know

A reference for outdoor industry business owners seeking Paycheck Protection Program loans.

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The latest pandemic stimulus bill, passed by Congress in December, has opened the door for many small business owners to access new relief loans through the Paycheck Protection Program—money that can be used to pay employees and keep the lights on on. If you’re a small business owner operating in the outdoor industry, the new loans could help you and your staff make it through the continuing challenges of the pandemic and come out the other side intact.

But what exactly is in the new bill? How does it affect retailers, brands, guiding companies, and others operating in our space? Below are answers to some of the most common questions you might be asking if you’re in need of assistance to keep your business running.

Who can apply for a PPP loan?

Businesses of all structures are eligible for a loan, so long as they meet certain requirements. Business owners will be required to prove the following:

  • You must have started your business prior to February 15, 2020
  • Your business must have fewer than 300 employees
  • You must have used—or plan to use—your first PPP loan (if you got one)
  • Your revenue (gross receipts) must have declined by at least 25 percent over any single quarter in 2020, compared with the same period in 2019

Can I get a second loan if I already got one last year?

Yes, you are free to apply for a second loan, so long as you meet the requirements above.

How much money can I get?

Most businesses can apply for up to 2.5 times their average monthly payroll from 2019. Note: Payroll expenses include costs for W2 employees only, not 1099 contractors. Eligible payroll costs include things like wages, insurance payments, bonuses, and state and local taxes. Accommodation and food service businesses can get up to 3.5 times their average monthly payroll from 2019.

No loan can be greater than $2 million.

Are the new loans forgivable?

Under certain conditions, yes. You must use at least 60 percent of your loan for payroll expenses and no more than 40 percent on other qualifying expenses. These include operations expenditures (like software, cloud computing, and accounting needs), property damage, supplier costs, and costs associated with protecting workers from the coronavirus.

If your PPP loan is for $150,000 or less, lenders will be able to provide a simplified one-page form you can use to apply for forgiveness.

Are PPP expenses tax-deductible?

Yes. Under the new bill, all PPP expenses are now considered tax-deductible.

How can I apply for a loan?

Begin the process of applying for a loan from an eligible lender here.