LUBBOCK, Texas — Lubbock’s Small Business Development Center is preparing applicants for the second round of Paycheck Protection Program loans.
On Monday, applications for first-time business loans were accepted, while businesses who previously received a loan will be able to begin the application process on Wednesday.
“The PPP loan basically covers your payroll, and if you are self-employed, that means it covers yourself plus two and a half times your monthly salary,” said Randy Burke, Associate Executive Director of the Northwest Texas SBDC. “If you take your average over the past year and multiply that to 2.5, that’s how much you qualify for.”
This time around there are new qualifications to keep in mind, which is why the SBDC is hosting two webinars on Wednesday, January 13. Both will cover the same information, with the first at 10:00 a.m. and the second at 2:00 p.m.
“You’d have to qualify through the first round, and you have to show a 25 percent reduction in one quarter from 2020 verses 2019,” said Burke, “and then there are other qualifications.”
The webinar aims to cover the qualifications needed and educate on new aspects such as Economic Injury Disaster Loan forgiveness, tax changes and even alternate grants for small businesses.
“Our information that we are receiving is coming from our folks in D.C. so we are pretty up to date on everything that is happening” said Judy Wilhelm, the Northwest Texas SBDC Executive Director. “That’s why we hope people will understand we are a go to for this and many others.”
Lisa Stane, founder of Sharp Academy, is just one of the many owners to take advantage of the step by step information available.
“The [SBDC] has already been reaching out to us since the bill was passed so that we can start following the steps, watch for the information, and be prepared ahead of time,” said Stane.
Even as a non-profit, Stane was able to use SBDC as a resource and encourages others to do the same.
“We are eligible to apply this time because we followed the process exactly, all of our documents were in a row and so we qualify for the maximum for our non-profit which is a great blessing” said Stane. “We also got all of our reports filed and it was approved in the application process to become a grant.”
To apply for tomorrows SBDC webinar you can go to their Facebook page.