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PPP Loan for New Businesses in 2021: A Guide

The Paycheck Protection Program (PPP) loan had helped many small businesses survive the economic impact of the pandemic in 2020. In 2021, the government has once again renewed the PPP loan program, which means more businesses can take advantage of this financial aid. But what about new businesses that started in 2021? Can they apply for a PPP loan? This article will guide you through everything you need to know about PPP loans for new businesses in 2021.

What is a PPP Loan?

The Paycheck Protection Program (PPP) loan is a financial aid that was designed to help small businesses keep their workers on the payroll during the COVID-19 pandemic. The PPP loan is a forgivable loan, which means that if businesses meet certain criteria, they will not have to pay back the loan. The loan can cover up to 24 weeks of payroll and other eligible expenses such as rent, utilities, and mortgage interest.

The PPP loan was initially introduced in 2020 as part of the CARES Act. The program’s popularity led to its extension, and the program is now available through May 31, 2021. The government has also made some important changes to the PPP loan program in 2021, which we’ll get into next.

PPP Loan Changes in 2021

The government has made some significant changes to the PPP loan program in 2021, including:

Can New Businesses Apply for the PPP Loan?

The good news is that new businesses can apply for a PPP loan. However, there are some important criteria to meet. The business must have been in operation on or before February 15, 2020, and must have had employees for whom they paid salaries and payroll taxes. If the business started in 2021 and did not have employees until 2021, it would not be eligible for a PPP loan.

How Much Can New Businesses Receive?

New businesses can receive up to 2.5 times their average monthly payroll costs. The maximum loan amount is $10 million. You can calculate your payroll costs by adding up the total amount of salaries, wages, and tips paid to employees over a 12-month period and dividing that by 12 to get the average monthly payroll cost. You can also include other eligible expenses, as mentioned earlier.

How to Apply for a PPP Loan for Your New Business?

To apply for a PPP loan for your new business, you will need to follow these steps:

  1. Contact a PPP lender: You can find a PPP lender in your area by visiting the Small Business Administration (SBA) website.
  2. Gather your documentation: You’ll need to provide documentation that proves your eligibility, such as tax forms and payroll records. Your lender will provide you with a list of required documents.
  3. Complete the application: Your lender will provide you with the PPP loan application form. Fill this out completely, including all requested information and documentation.
  4. Submit your application: Your lender will submit your PPP loan application to the SBA for review.
  5. Wait for approval: It may take some time for the SBA to review your application, so be patient. If approved, your lender will provide you with the loan amount and any further instructions.


If you started a new business in 2021, you may be eligible for a PPP loan to help keep your business afloat during the pandemic. myamcloan. The PPP loan was designed to help small businesses, and the government has made some important changes to make the loan program more accessible and easier to use. Follow our guide to apply for the PPP loan and get the financial support you need to keep your business running.

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