KNOXVILLE, TN (January 19, 2021) – The Knoxville Area Urban League (KAUL) is offering hands-on PPP paperwork assistance for any small-disadvantaged business needing help to prepare and submit a PPP forgivable loan application.
Another round of the Paycheck Protection Program (PPP) opened on January 11, 2021. This round is targeted for small and minority businesses according to the U.S. Small Business Administration, in consultation with the Treasury Department.
Very few small or minority-owned businesses received Round 1 PPP forgivable loans in 2020. In part, because of incomplete paperwork and missing required documentation.
Here’s what you’ll need to be eligible for a PPP loan in the new round:
- Demonstrate at least a 25% reduction in gross receipts (to be defined by SBA) in any quarter of 2020 relative to the same quarter in 2019.
- For simplicity, businesses can now use annual tax returns for 2019 and 2020 to substantiate the 25% revenue reduction.
- Businesses can also compare any quarter in 2019 with the comparable quarter in 2020 which can be substantiated with quarterly financial statements
- Employ fewer than 300 employees
For this assistance send an email to; [email protected] and be sure to type in the subject line “Help with PPP Application.” In the body of the email. Share brief pertinent information; your name, business, phone contact, and a brief summary of your situation.
Due to CDC COVID restrictions, the Urban League is operating on the following in-person office hours: Tuesday-Thursday from 9am-2pm. While our facility temporarily remains closed to the public, we can be reached via email or phone to assist clients. Email us at [email protected]; or call (865) 524-5511.