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A New Round of PPP

Lisa Perkins

January 13, 2021

The period for the second round of PPP applications will end on March 31, 2021.

First time borrowers: $35 billion has been allocated for new first draw for PPP borrowers

 If you are a first time PPP Loan borrower, there are some eligibility requirements to consider:

·         Eligible business – Can include the following: Small, according to the SBA’s industry standards; Independent contractors; certain self-employed; sole proprietors; non-profit 501(c)(3); tax-exempt veteran-owned; certain Tribal; housing co-ops; 501(c)(6), certain news organizations; and other specific organizations.

·         Been in business as of February 15, 2020

·         Will still need to certify and provide payroll, tax documentation, and bank or other tax filings as

required. Please see your lender for specific requirements.

https://home.treasury.gov/system/files/136/PPP-IFR-Paycheck-Protection-Program-as-Amended-by-Economic-Aid-Act.pdf

Second draw loans

Great news! There is an opportunity to apply for a second PPP loan of up to $2 million. There are a few items that have made it a little more selective. Now, to apply, you must:

·         Have fewer than 300 employees (there are a couple of exceptions)

·         Had a gross receipt* reduction of 25% or more in 2020 compared to 2019 (e.g., Q2 2020 to Q2 2019, etc. or a 25% annual reduction**)

·         Received a first PPP loan, AND,

·         Have used or will use the full amount of the first PPP loan on eligible expenses before the distribution of the second draw.

We will keep you updated as we learn more.

*Gross receipts include revenue from multiple sources beyond sales, including items such as interest and dividends. You do not include your First PPP Loan or the forgiveness of the loan as gross receipts

**If you don’t have quarterly revenue information easily available you can provide copies of your annual tax forms (both 2020 and 2019) to substantiate a 25% decline. You must have been in business all four quarters. The challenge might be filing your business return in time to have the copy available for applying before funding runs out.  

https://home.treasury.gov/system/files/136/PPP-IFR-Second-Draw-Loans.pdf

https://www.journalofaccountancy.com/news/2021/jan/sba-treasury-issue-ppp2-guidance.html

https://www.sba.gov/sites/default/files/2021-01/Guidance%20on%20Accessing%20Capital%20for%20Minority%20Underserved%20Veteran%20and%20Women%20Owned%20Business%20Concerns%20.pdf

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