How To Apply For Ppp Round 2
Update as of march 19, 2021:
How to apply for ppp round 2. Applications for first and second draw ppp loans are currently open. The amount of loan forgiveness will depend primarily on whether your use of the ppp loan funds meets the sba’s forgiveness requirements. You can apply on the 11 th business day.
For more information and requirements regarding loan forgiveness, go to paypal.com/pppinfo. Second draw ppp loans (aka ppp2) were created via the economic aid act signed into law in december 2020. First came the cares act, which established the paycheck protection program (ppp) in march of 2020;
Have fewer than 300 employees per location. $284 billion of ppp loans; In order to qualify for round 2, you first need to reapply for round 1 now.
Although the program is scheduled through march, 2021, it’s suggested that business owners apply asap before funding runs out. Show a 25% decline in gross revenue in 2020 compared to 2019. Divide amount from step 3 by 12.
There are several sba ppp loan forgiveness application forms. Who is eligible for the new round of ppp funding? You can keep up with ppp news and updates on the skip app.
The change in income between 2019 and 2020 was negative 13.57%. You will need to compare gross receipts from the second, third, or fourth quarter of 2020 with the gross receipts from q1 2020 to demonstrate the 25% reduction to qualify. Make sure you put on push notifications so you can get the latest information.
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