January 15, 2021: PPP Opens to ALL Borrowers Next Tuesday. Here’s What You Need to Apply

Gusto Editors

January 15, 2021

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Ready, set, round 2

While the Small Business Administration (SBA) portal is already accepting Paycheck Protection Program (PPP) applications from CDFIs, the Treasury has announced that the portal will open to ALL PPP lenders and borrowers next Tuesday, January 19. Here are a few things you might need:

Application forms

There are different application forms depending on whether you’re applying for the first or second time. 


  • Payroll reports: Payroll costs are the primary factor in determining your PPP loan amount.
  • Accounting information: Bank statements and accounting software can also help you compile the payroll cost information you need. If you’re applying for a second draw PPP loan, you’ll also need these documents to demonstrate a reduction in gross receipts of at least 25% relative to the same period in the previous year. 
  • Tax forms: While each bank or lender will have their own process, these were some of the tax documents requested during PPP round 1:
    • Form 941
    • Form 940
    • Form 944
    • Form W-3
    • Form 1099

Note that different lenders may require different forms or documents. If you’re ready to apply, check out our updated list of 120+ lenders issuing PPP loans to get started.

More aid on the way

On Thursday, President-Elect Biden unveiled a $1.9 trillion emergency relief proposal to address the economic and health ramifications of COVID-19. Among the many provisions in the “American Rescue Plan,” which includes a $20 billion vaccination program, here are the line items we expect will benefit small businesses most:

  • $1,400 stimulus payments
  • $400 a week unemployment benefits (up from $300 per week in the December package)
  • $15 billion in small business grants (separate from the existing PPP)
  • $35 billion for small business financing programs
  • Rental assistance and an eviction moratorium
  • Expanded child care and child tax credits
  • Subsidies for health insurance premiums
  • Restoration of emergency paid sick and family leave benefits 
  • $350 billion in aid to state and local governments
  • An increase in the minimum wage to $15 per hour

The proposed plan is ambitious and will require 60 votes to pass the Senate, rather than the 50 votes required for a budget reconciliation bill. Gusto experts will continue to monitor the proposal and advocate for additional funding for small businesses.

Unemployment updates

One of the most hotly anticipated provisions of December’s stimulus package was the extension and expansion of federal unemployment assistance programs. These can be a lifeline for workers as the pandemic continues to force business closures and stay-at-home orders.

Check out these resources to help you and your team take advantage of the various unemployment benefits available:

2021 tax and compliance deadlines

January is a big month for small business deadlines. From payroll taxes to contractor forms, there’s a lot to keep track of. Wouldn’t it be awesome if they were all just in one place?

Now they are! Gusto’s January 2021 compliance calendar will help you stay on top of all your filing and payment obligations so you have one less thing to worry about this month.

Speaking of deadlines, brush up on everything you need to know about quarterly taxes here.

Watchlist: PPP Round 2, EIDL, and More

ICYMI, earlier this week our team of Gusto experts went live on YouTube to break down all the small business relief programs in the new stimulus package, including PPP round 2, updated EIDL Advance grants, enhanced SBA loans, and expanded tax credits, like the employee retention credit (ERC).

Watch the full replay here. 

Top relief options for the week

  • Giles County, Virginia is offering small businesses up to $15,000 in grants to help deal with the financial impacts of COVID-19. The grants can be used for rent or mortgage, eligible supplies, or equipment from March 12, 2020 through the application date.
  • Texas’ Orange County Economic Development Corporation will take applications for $1,000 recovery grants beginning January 19, 2021 at 12 p.m. Funds will be distributed to approved for-profit businesses throughout Orange County on a first-come, first-served basis. 
  • Montana Women’s Business Center has announced $15,000 in grants to help Montana’s women business owners. Grant funding can be used for anything that will enhance economic independence for women, job creation, or take the business to the next level of success.
  • See more relief options in our Small Business Relief Finder.

Want more small business news and resources? Check out past editions in our archive.

Gusto Editors Gusto Editors, contributing authors on Gusto, provide actionable tips and expert advice on HR and payroll for successful business management.
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