1/9/2021 9:34 AM
PPP2 applications have been released! Find them here. You can’t apply just yet. Applications open on a limited basis beginning Wednesday. But you can start preparing.
Among other items, you must demonstrate a 25% drop in revenue in any quarter of 2020 as compared to the same quarter of 2019. For other PPP Round 2 requirements and details, see our previous blog.
For entities not in business during 2019 but in operation on February 15, 2020, applicants must demonstrate that gross receipts in the second, third, or fourth quarter of 2020 were at least 25% lower than the first quarter of 2020.
You must apply for PPP2 by March 31, 2021. There are expected to be plenty of funds available for those that qualify and are in need. But don’t procrastinate. Funds are available on a first-come, first-served basis. Reminder: if you use the same bank for your PPP1 and PPP2 loans, and if you base your application on 2019 payroll costs, no new supporting documentation will be required. You will only need to submit a new application.
1/9/2021 9:14 AM
We have received the following notification regarding PPP Round 2 applications from Megan Mortimer , Congressional Lobbyist for the ADA.
Smaller lenders can start taking applications for PPP Round 2 loans beginning Wednesday, January 13, 2021. Larger lenders will follow soon after. The ability to accept these applications will vary lender to lender based on how prepared they are, and how willing they are to accept them.
For details on PPP Round 2 eligibility, click here.
Thanks to the Academy of Dental CPA’s for helping us keep you up to date with valuable contacts and timely information!
Some news outlets are reporting
that this is not quite a “done deal” and no, it has not been voted and
signed. But CNN is reporting that a deal has been reached. This
“stimulus #4” is said to include $310 billion to expand the PPP program and $60
billion in additional EIDL loan funding.
have reached a deal on a bill that includes hundreds of billions of
dollars in new funding for small businesses
hurt by the coronavirus outbreak, three sources familiar tell
CNN. The text of the bill should
be unveiled as soon as Tuesday afternoon as the two sides give the deal a final
read. Lawmakers will try to pass it in the Senate at 4 p.m. ET when the chamber
convenes for a pro forma session.