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Paycheck Protection Program: Everything You Need to Know

By Matthew Whitaker   |    January 13, 2021   |    12:53 PM

The Small Business Administration’s Paycheck Protection Program (PPP) is now open for applications!

Intelligent Office of Alexandria spoke with Mustafa Husseini, Relationship Manager at Atlantic Union Bank, to learn more about the PPP, who qualifies, and what businesses owners should expect. Our goal in doing this is to provide our clients and other business owners with helpful information and the resources needed to sustain their businesses during these uncertain times.

About the PPP

As Mustafa Husseini explained, the PPP was designed to help businesses stay afloat during a time of uncertainty and new operating models, to which we were not prepared for as a whole.  The majority of businesses in our country have been severely impacted by the COVID-19 pandemic and needed support to keep them operational. Government funds have allowed businesses to retain employees, cover operational expenses, and ensure that they produce their goods or services. The PPP has helped most of those businesses make it through a very rough 2020 and continues to help do so by a second wave of funding.

Who Qualifies?

All businesses with 300 or fewer employees are eligible to apply and must demonstrate a 25% loss or higher for any quarter on year-over-year growth between 2019 and 2020. For example, if a business’ quarterly receivables for 2nd quarter 2019 were $250K compared to $150K for the same quarter in 2020, the business would qualify for the PPP loan and is eligible to apply for 2.5x their monthly payroll costs. Restaurants and businesses in the food and hospitality industries are eligible to apply for 3.5x their payroll costs. However, businesses must show that they were established by or before February 2020.

Atlantic Union Bank is now accepting PPP applications. According to Mustafa, “Businesses that were not able to get funding in the first wave will have first chance opportunities to apply and get funding prior to funding running out.” Additionally, businesses that already received funding will have a chance to reapply for another PPP loan. The same rules will apply to both applicants.

What About Loan Forgiveness?

Notably, most loans will be forgiven as long as the funds were used as intended. Businesses have 24 weeks to use the amount of the loan and 10 months to apply for forgiveness. “As of now, the businesses that have already applied for the first wave and are in the process or beginning the process of forgiveness have up to 10 months to apply for forgiveness after they have exhausted their 24-week period, which began once the loan funded,” says Mustafa. He recommends that business keep track of those dates to ensure that the window to apply for forgiveness does not get missed. Otherwise, the borrower will have to pay back the loan in full, with accrued interest, as was the case in the first wave of PPP loans. This time around, the application for loan forgiveness under $150K is expected to be an easy, one-page document based on good faith.  

How to Apply through Atlantic Union Bank

Mustafa Husseini has worked in banking since 1998 and is a local financial expert, serving businesses and the Alexandria community. His primary goal is to help businesses grow from start to expansion and is happy to help keep their doors open. If any business in the Alexandria or Northern Virginia/DC/MD market is looking for someone to help them get funding, please contact Mustafa at or 703-871-5701. Click here to schedule an appointment with Mustafa. The only requirement is that a business must have an established checking account with Atlantic Union Bank, in order to process any PPP application. Contact Mustafa to open an account. 

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