How To Qualify For PPP 2! Requirements, Explanation, and More!
PPP 2 (Paycheck Protection Program Round 2) is now officially out! What do you need to know to qualify for the second round of the PPP?
Key PPP Updates:
PPP loans cover additional expenses eligible for loan forgiveness, including operations expenditures, property damage costs, supplier costs, and worker protection expenditures
It has expanded it's eligibility to include 501(c)(6) organizations, housing cooperatives, and direct marketing organizations, among other types of organizations.
Greater flexibility is provided and a clearer definition of seasonal employees
Existing PPP borrowers are eligible to apply for the next round of PPP (as long they utilized all of the 1st PPP funds)
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!
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