Check out this quick video from Andy, Owner of Numberwise Accounting, for updates on the second round of the Paycheck Protection Program loans and what we know from the announcements in the last few days.
Highlights from Video
1. Application Open Date Depends on Lender
Starting at 0:27 in video
- Community lenders will start taking applications on Monday, January 11 for Round 1
- Community lenders are smaller banks
- Applications for Round 2 open on Wednesday – all banks should be taking applications by the end of the week
- It’s expected that the PPP money will last through the end of the funding window (March 31st)
2. Application Documentation
Starting at 2:17 in video
- 25% or greater drop in revenue for at least 1 quarter in 2020
- If loan is less than $150K – no documentation needed with application (but will be needed for forgiveness)
- If you use same lender as Round 1, you shouldn’t have to provide payroll documents
Check out our COVID-19 resource page for more blog posts, videos and helpful information for businesses related to the Coronavirus pandemic.