New details for PPP 2.0

New details for PPP 2.0

Courtesy of our friends at the Newton-Needham Chamber of Commerce we continue to receive more information about the second round of the Paycheck Protection Program.

The SBA has just released new guidance for the $284 billion program. It doesn’t tell us when the new application portal will open, but it does say the deadline for round two applications will be March 31.

Here’s a few other items of note:

  • If you received a PPP loan in 2020, it could be advantageous to work with your same lender again because you won’t need to submit any additional documentation.
  • Second time applicants will need to show a 25% reduction in revenue in any quarter in 2020, compared with the same quarter in 2019. But you won’t need to submit those documents now if your application is for $150,000 or less. The information can come when, or anytime before, you apply for forgiveness.
  • If you didn’t apply for the PPP last year you can do that too. In fact, the SBA has reserved $15 billion for first time applicants with 10 or fewer employees and you won’t need to document the same 25% year-over-year revenue drop that second timers must.
  • There’s also a separate $15 billion grant program for live venues and theaters. Applicants can only apply and receive funds from one or the other.

Here’s links to the SBA guidance released Wednesday.

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