The Impact of PPP-2 On Small Business Technology

by myCREcloud | Mar 25, 2021 | Industry, Resources

Moving all of your data to the cloud can be a huge expense and you are not alone in wondering if a move to the cloud is a good investment right now. The good news? The PPP-2 funds bill can help you cover the cost of cloud software subscription expenses like cloud software and services.

Allowable Funds for Small Businesses

Small businesses recently received good news – a new wave of funding for the Paycheck Protection Program (PPP) is on its way. This includes “any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses.”

• Cloud-hosted desktop
• Data backup and recovery
• Network security
• Sharepoint
• Microsoft 365
• Azure Cloud Services
• Other potential software and cloud services

Do I qualify?

First-time applicants:

• Must have 500 employees or less
• Prove that your organization was operational prior to 2/15/2020 and is still open

Second-Time Applicants

• Must have 300 employees or less
• Must have utilized all of the previous loan funds
• Prove a loss of 25% or more of your revenue in Q1, Q2, or Q3 in 2020
• Prove that your business was operational before 2/15/2020

Please visit SPA.gov for more information.