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Paycheck Protection Program updates
First people couldn’t PPP funds fast enough. Then, people were outraged at large public entities drawing down funds when mom and pop couldn’t get access. Now…over $140B of PPP funds are just sitting there, unused. Many have been upset with the 75% requirement – for every PPP spent by a business, 75 cents must be used on employee paychecks, otherwise you will owe the money back. This is a tough pill to swallow for many businesses that face steep overhead costs outside of salaries. Congress has now addressed this issue, along with a few others. Let’s take look at some of the changes.
Instead of 75% spent on wages, PPPFA now 60%
If you want you PPP forgiven in full, you must show that 60% of the borrowed money was used to pay employee wages. It’s still not clear to me how this applies to single owner businesses and if that owner’s wages is included. Business had hoped for a 50/50 split…they got 60/40
Here’s an overview of what is an eligible expense
- Rent
- mortgage payments
- utilities
- loan interest
- health insurance premiums
- retirement contributions
PPPFA gives you 24 weeks to spend funds vs the initial 8 weeks with PPP
Many businesses have had forced shutdowns, and as a result, faced immense difficulty wisely spending PPP funds within the 8 weeks initially required. This has now been extended to 24 weeks.
You must rehire workers by December 31, 2020, pushed back from June 30, 2020 + easing requirements
If you have included a workers salary as part of the “60%” you must rehire that worker by the end of the year, unless you make attempts to rehire or you meet one of these requirements.
PPPFA gives 5 years to repay instead of just 2 years with the PPP at 1% interest
If you fail to meet the 60% threshold you now have 5 years to pay back the loan you received with just a 1% interest.
Opinions, reviews, analyses & recommendations are the author’s alone, and have not been reviewed, endorsed or approved by any of these entities.
Chase Sapphire Preferred® Card
Welcome Offer
Earn 60,000 bonus points after you spend $4,000 on purchases in the first 3 months from account opening.
Annual Fee
$95
Points Earned
Transferrable Chase Ultimate Rewards
- 5x on all travel purchased through Chase Travel℠
- 3x on dining, including eligible delivery services for takeout & dining out
- 3x on select streaming services
- 3x on online grocery purchases
- (excluding Target, Walmart and wholesale clubs)
- $50 Annual Chase Travel Hotel Credit via Chase Travel℠
- The begins immediately for new cardmembers and after your account anniversary for existing cardmembers
- 2x on all other travel
- 10% Anniversary Bonus
- Every year you keep the card, your total spend will yield a 10% points bonus. If you spend $10k in a year, you’ll get 1k bonus points
- Chase Sapphire Preferred continues to redeem at 1.25c in the Chase Travel℠ and the slew of other benefits remain in tact including Auto Rental Collision Damage Waiver ( primary ), purchase protections, etc.
- Points are transferrable to 14 Ultimate Rewards partners
- Redeem in Chase Travel℠ for 1.25 cents per point
- No foreign transaction fees
- Suite of Travel and Purchase Coverage
- Auto Rental Collision Damage Waiver is my favorite
- Get complimentary access to DashPass which unlocks $0 delivery fees and lower service fees for a minimum of one year when you activate by December 31, 2027.
- $95 Annual Fee
We keep an up to date spreadsheet that lists the best ever offers: You can find that spreadsheet here.
Historically 80k is a very, very good offer and hit in both 2022 and 2023. In 2021, we saw the offer hit an all time high of 100k. Who knows if that will ever come back.
Main Cast:
Cards that earn flexible points and should be used on the bulk of your purchases.
Supporting Cast:
Cards that earn fixed points in the currency of the airline/hotel and can not be transferred at attractive rates. These cards yield benefits that make it worth keeping, but not necessarily worth putting a lot of your everyday spend on.
The Chase Sapphire Preferred® is exceptional starter card and offers transferrable Ultimate Rewards, and pairs well with other Chase cards.
If you carry this card alongside Chase’s cashback cards like the Chase Freedom Flex® and Chase Freedom Unlimited® or the business versions: Ink Business Cash® , Ink Business Unlimited® you can combine the points into Preferred account and transfer into hotel and airline partners
Annual fee is quite low at $95 a year + you get a 10% anniversary bonus on points + $50 hotel credit in Chase travel.
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