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!

More information on this page: https://www.journalofaccountancy.com/news/2021/jan/ppp-application-reopening-date.html?utm_source=mnl:cpald&utm_medium=email&utm_campaign=11Jan2021


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