Business owners across Long Island are hoping that 2021 will be the year when things finally start returning to normal. The new year will start with a little boost for many of them. Within a couple weeks they can apply for the Paycheck Protection Program.  

PPP money is the federal loans that businesses can use to meet their payroll and pay for other expenses, such as rent, and utilities. In many cases, the loans are forgiven, so it becomes free money.

There are some differences in the upcoming program compared to earlier ones. News 12 has learned there's more emphasis on smaller businesses and nonprofits. About $15 billion has been earmarked for theatres, nightclubs, and other entertainment venues.

“This round is definitely geared toward smaller businesses — revenue caps of $2 million. They've certainly made it easier for customers looking for loans of $150,000 or lower. They've made the process for both the forgiveness of the original loan and the new applications easier on the smaller loans,” says Kevin O'Connor, BNB president.

In addition, businesses must also show a minimum 25% loss in revenue in any quarter in 2020 compared to the same quarter last year.

So even though you can't apply for the loans for another week or two, experts say you should start gathering all your paperwork now so you'll be ready once the program starts.

No date has been announced yet as to when applications will be accepted, but it's expected to be by the second week of January.