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Paycheck Protection Program 2.0

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What companies are qualified?

  • Companies with fewer than 500 employees who have already used or will use the full  amount of money granted to them in their initial round of PPP
  • Business, some non-profit organizations, self-employed workers, and independent  contractors
  • Sole Proprietors, independent contractors, and eligible self-employed individuals

Who is eligible?

  • Companies with a 25%  reduction in gross receipts in the first, second, or third quarter of 2020 to the same quarter in 2019.

Amounts you can borrow?

  • Maximum second draw PPP loans are $2 million
  • Loan amounts will be based upon the actual payroll amounts 
  • Loan amounts based upon 2.5 times monthly payroll 

When is money available?

  • Ten days after signature by the president or January 11, 2021.

What are the payback terms

  • 100% forgiveness is the money is used either in 8 or 24 weeks on qualified expenses.

What has changed in round 2 of PPP?

  • Second-draw loans are available for businesses with under 300 employees
  • Businesses eligible for PPP loans has been expanded
  • Loan limitations have been expanded for certain businesses
  • Eligible expenses for forgiveness have been expanded (for first-draw loans that have not yet been forgiven and for second-draw loans)
  • Borrowers are allowed to choose a covered period that is any period of time between eight and 24 weeks
  • A clarification has been made indicating that interest rates on PPP loans are non-compounding and non-adjustable 
  • A clarification has been made indicating that forgiven PPP loans are not taxable and forgiven expenses are tax-deductible

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