The G200 Advanced Air Purifier qualifies as a covered expense
At the end of 2020, Congress agreed to a second pandemic relief bill, that in addition to stimulus checks and enhanced unemployment benefits, reopened the Paycheck Protection Program (PPP). This program offers support to the country’s small businesses that have felt the most significant impact due to the COVID-19 pandemic.
The new PPP relief package expands the slate of expenses eligible for forgiveness for new or existing PPP loans, including updating current HVAC systems and investing in air purification systems in an effort to clean the air indoors. This will allow small businesses to use PPP funds to invest in technologies that may help prevent the spread of COVID-19 and create environments that may be more conducive for employees and customers, including air purifiers like the G200, which is effective at capturing the SARS-CoV-2 virus (1).
If you are thinking about investing in G200 air purifiers for your business, we want to help you navigate the application and explain the 2021 Paycheck Protection Program in simple terms. Here’s our take on how you can use funds to invest in air purification technologies.
How to Qualify
In January 2021, businesses became eligible to apply for the latest PPP loan. Businesses with fewer than 500 employees - and did not receive PPP funding through the 2020 Coronavirus Aid, Relief, and Economic Security Act (CARES Act) - can apply for this relief. Specifically, the new legislation added more than $140 billion of PPP funding for businesses that did not receive loans through the first program. With an intentional focus on businesses that did not apply for, nor receive, 2020 loans, the Small Business Administration (SBA) has also set aside funding reserved explicitly for businesses under 10 employees and those owned by women and minorities.
However, if a business already received funding through the first round of PPP, and meets certain criteria, it may be eligible for another round.
Businesses that meet certain criteria can apply for the second round of funding, including those with fewer than 300 employees, who have used the full amount of the first PPP loan for authorized uses, and have seen at least a 25% drop in gross receipts for any quarter of 2020, compared with 2019. Also, the business cannot be permanently closed.
How To Apply
If a business is applying for PPP funds for the first time, it will need to fill out the Paycheck Protection Program Borrower Application Form (Revised February 17, 2021). In addition to the application, businesses will also need to submit payroll information, IRS form 941 (or an equivalent), and other financial information.
If businesses are applying for a second round of PPP funding, they need to fill out the Paycheck Protection Program Second Draw Borrower Application Form, as well as provide any needed payroll and expense information.
These forms include a section for filling out the purpose of the loan. In this area, you can select multiple options, and businesses can share that they are using some of the funding to invest in technologies that help to prevent the spread of COVID-19.
If you qualify, the easiest path forward is reconnecting with your bank, as they can help to process your application. If you did participate in the first PPP, it is strongly recommended that you start with the bank that holds your business accounts as they can easily verify and assess your merchant and payroll accounts. To help, the SBA has created a Lender Match tool.
Many of the largest payroll processing companies have created PPP calculators for their existing customers that only require the quarter’s date range that shows the 25% reduction in revenue. These simple and incredibly valuable features are used when calculating the amount of loan you are hoping to secure. During this process, you can submit your guesstimate cost of purchasing covered expenses, including a G200 Air Purifier.
When submitting your PPP loan forgiveness you can also show your purchase of authorized uses, which turns into a tax-free grant if used on approved expenses. It is reasonable to expect you’ll need to submit your company’s tax returns, certificate of good standing from your state, as well as copies of necessary IDs.
How To Leverage PPP Funding
In addition to supporting struggling businesses' payrolls and necessary expenses, the reopened PPP has expanded its covered expenses to include what is needed to not only keep businesses open, but assist businesses that help provide staff and customers with a sense of confidence knowing there are protective measures in place to help protect against COVID-19. This includes air purification, especially since the U.S. Food & Drug Administration (FDA) has acknowledged the role that certain air purifier technologies can play in capturing the airborne virus. Simply put, restaurants, yoga studios, offices, or hotels may be unable to flourish in the current environment if both employees and customers are not comfortable being indoors.
We applaud the SBA for including air purification technology under what is covered in the second PPP. These technologies, such as the G200 Air Purifier, are already helping businesses to stay open as another line of defense against the SARS-CoV-2 virus, as well as being deployed in larger settings like schools, where they qualify for separate educational funds. As everyone tries to remain socially distant from one another, enforce handwashing practices, improve sanitation, and require individuals to wear masks, an air purifier provides an additional measure to help mitigate the spread of SARS-CoV-2 for everyone who is inside a business.
The 2020 PPP was very successful; however, the 2021 version focuses even more on the hardest-hit businesses by supporting more ways to use the funds to keep a business’s doors open and the inside as clean as possible. If you’re eligible for PPP funding, fill out your application today and learn how you can leverage air purification technologies as part of your business’s reopening strategy.
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