Good News! PPP 2 (PPP Round 2) Is Here! Who Qualifies, Tax Updates, and More!
The second round of the Paycheck Protection Program (PPP 2) is now thanks to the new relief package Congress has approved!
The $900 billion COVID-19 relief package as part of the Consolidated Appropriations Act includes:
Additional funding for new PPP loans (PPP 2)
The ability to obtain a second PPP loan for small business facing significant revenue declines in any 2020 quarter compared to the same quarter in 2019
Clarifications providing for the deductibility of business expenses paid with forgiven PPP loans (a material change from existing IRS guidance)
And So Much More! This round of PPP funding is similar to the first one under the CARES Act, however, there are some key differences. We will cover them in our video!
PPP Round 2 Highlights (IMPORTANT!!!):
We’re going to cover who is eligible, tax changes, and more in our latest video! If you have any questions about this and need help, please do not hesitate to call us at (832) 295-3353, or you can also set up an appointment with us at https://xqcpa-bookme.acuityscheduling.com/schedule.php. Last but not least, please like and share our daily posts.