PPP Round 2 Coming Today! Everything You Need To Know

Paycheck Protection Round 2 is coming to an SBA lender near you very soon! Let's cover PPP 2 details, documents you need for the second PPP loan, and where to apply for PPP 2.

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PPP News
Congress has approved $284 billion for another round of PPP loans. PPP loans are forgivable loans meant to go to small businesses to keep their employees hired.

In order to get a PPP loan forgiven.. Meaning the ability to have to loan balance wiped out without having to pay it back you have to spend it on specific items.

Applicable expenses are:
Gross salary, wages, tips, and commissions to employees or yourself if you’re self employed
Paid Leave (any paid leave that isn’t covered by the Families First Coronavirus Response Act)
Employee Benefits Costs
Interest Expenses
Utility Expenses
And Rent or Mortgage Expenses

Those were the forgivable expenses in the first round. In the second round you can also spend this money on supplies from vendors, protective equipment, and property damage due to public disturbances

The Trump Administration just announced the PPP will be up and running on Monday January 11th.

However, for at least 2 days it will only be available to a smaller group of businesses, including:
People who didn’t get the first round
Minority institutions and community based lenders
Small companies with less than 10 employees (counts contractors)
Low-income areas

Documents Needed For PPP 2:
1.Completed PPP Application Form
Include your contact name and email address.
List the names of all owners (over 20%).
Indicate your Business Type (Independent Contractors and Sole Proprietors have slightly different document requirements).

2. Average monthly payroll costs
-Includes wages, commissions, tips, vacation, leave, and health benefits not in excess of $100,000 per employee. (also applies for self employed via earnings)

3. Proof of payroll or self income:
You’ll need one of these documents:
Irs form 940 for 2019
Irs form 941 all quarters 2019
Irs form 944 for 2019
Or Payroll processor records

If you are a partnership without employees you’ll need a 2019 schedule K. If you show no profit on line 14a you unfortunately do not qualify for a PPP loan

If you’re self employed as a sole prop or contractor you will need a 2019 1040 schedule C. You will need to show profit on line 31

4. You need proof of ownership.
Each owners name and SSN
1 other document for proof of ownership this could be articles or incorporation or a 1040 schedule C or W9 form

5. Government ID for all owners of more than 20%

6. Email addresses for all owners over 20%

7. Banking information for your business

8. Certificate of good standing from your secretary of state. This does not apply for contractors or sole props.
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