There is about $130B remaining of the $320B approved for the SBA Paycheck Protection Program PPP Round 2. The first round ($350 Billion allocated) was completely used in 13 days. The application deadline is fast approaching (Tuesday, June 30th) for those who want to, can still take advantage of this program. We hope we can help you decide that if you definitely NEED this support to keep your business going, what you need in documentation and preparation, and how to do so quickly. First and foremost, we stand with our clients who are business owners during these difficult times and are here to help you in any way we can.
SBA Paycheck Protection Program (PPP) Round 2 – The SBA Providing COVID-19 Disaster Support for Businesses
The US Congress has passed the CARES Act which includes the Paycheck Protection Program. This government-backed loans program is meant to help businesses affected by the current COVID-19 pandemic. This checklist covers the documentation that is required in order to begin the application process for this program.
To be eligible, businesses must meet these minimum criteria:
– Be a business nor non-profit with less than 500 employees
– Make a good faith certification that the loan is necessary in order to maintain payroll levels
– Must have acceptable credit history without bankruptcy and no defaults on government-guaranteed loans in the last 7-years
– Complete the PPP Loan Application form along with all required documentation (SBA Form 2483)
Loan ‘Forgiveness’ is applied after (8) weeks if both of these criteria are met;
– At least 75% of the loan proceeds are used to cover payroll costs (the rest may be used for mortgage interest, rent and utility payments)
– Employee and compensation levels are maintained
The experienced legal, accounting and tax professionals at Allen Barron, Inc. are here to help you navigate the process associated with the SBA Paycheck Protection Program PPP Round 2. We will work with you to prepare your application package and help you understand your options and associated tax implications.
We invite you to contact us or call 866-631-3470 to schedule an appointment for a free consultation — deadline is June 30th!