PPP Round 2 Explained: PPP Update, Paycheck Protection Program OPENING

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The paycheck protection program, or the PPP program, is a forgivable loan that businesses of 1-500 employees can obtain, including self employed individuals, 1099, and non-profits. The PPP key details are here in this PPP round 2 explained video.

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The Paycheck Protection Program is back. The stimulus bill had $284 billion in new money for PPP loans. PPP loans are accepting applications beginning MONDAY JANUARY 11, with broad opening WEDNESDAY JANUARY 12. Monday’s PPP loans release will be specifically for women-owned and minority-owned businesses since they were squeezed last time according to the data.

How to get PPP loan forgiveness: 3:34
FIRST TIME PPP BORROWER KEY DETAILS: 5:21
SECOND TIME PAYCHECK PROTECTION PROGRAM BORROWER KEY DETAILS: 7:36

Here are the key details of the PPP loan:

PPP loan borrowers will verify your identity and data before issuing loans, which will delay as compared to last time. SBA PPP app is open to FIRST TIME PPP borrowers and SECOND TIME PPP BORROWERS. PPP is for businesses and for non-profits, 1099, self employed workers, etc. BUT you CAN apply for BOTH EIDL AND PPP this time.

PPP borrowers apply with your lender, not the Small Business Administration directly.

PPP borrowers can get up to your monthly average payroll for a forgivable loan if you spend it on certain things, up to $10m for first time PPP borrowers of $2M for second time paycheck protection program borrowers.

Must spend paycheck protection program money on payroll, rent, mortgage interest, utilities, PPE, accounting, cloud computing services, things that help delivery, and others. BUT 60% of PPP funds must be on payroll and you have 8 to 24 weeks to spend the PPP funds.

FIRST TIME PAYCHECK PROTECTION PROGRAM BORROWERS
500 or fewer employees
Sole proprietors 1099 self employed eligible, non-profits (including churches)
Must say that “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the Applicant”
Must have been in business on or before February 15, 2020

SECOND TIME PAYCHECK PROTECTION PROGRAM BORROWERS

If you are a SECOND time PPP borrower then you must show that your gross receipts fell 25% during a quarter in 2020 compared with the SAME quarter in 2019.

You can use 2020 annual tax returns when you apply for PPP loan. If you are getting a loan less than $150k PPP loan, you do not have to show revenue drop until you apply for the loans to be forgiven. NOTE: the first PPP app did not require you to show a loss of revenue, only that the PPP loan was “necessary to support” your business

OTHER RESTRICTIONS for SECOND TIME PAYCHECK PROTECTION PROGRAM BORROWERS

Must have 300 or fewer employees
Capped at $2M
If you are a hotel or restaurant, can receive up to monthly average payroll for PPP loan
Must have used PPP loan already

Questions about the PAYCHECK PROTECTION PROGRAM? Comment below!

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#PPP #PaycheckProtectionProgram
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