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Message
PPP 2nd Round Update 1/14/21
Posted on 1/8/21 at 11:42 am
Posted on 1/8/21 at 11:42 am
1/14/21 update
NOTE: Only community financial institutions starting next week and only 1st time PPP applicants Monday and Tuesday. Get your paperwork together and get it in before they open the portal to the big banks and they bog down the system.
quote:
Attached you will find a Procedural Notice for First Draw PPP Increases.
Also, here are the official re-opening dates of PPP for different lenders:
(1) SBA Re-Opening Paycheck Protection Program to Small Lenders on Friday, January 15 at 9AM
Lenders with $1 Billion or Less in Assets Will be Able to Submit First and Second Draw PPP Applications on Friday
SBA will re-open the Paycheck Protection Program (PPP) loan portal to PPP-eligible lenders with $1 billion or less in assets for First and Second Draw applications on Friday, January 15, 2021 at 9 a.m. EST.
(2) All Lenders on Tuesday, January 19th , 2021
The portal will fully open on Tuesday, January 19, 2021 to all participating PPP lenders to submit First and Second Draw loan applications to SBA.
First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020. The first round of the PPP, which ran from March to August 2020, was a historic success helping 5.2 million small businesses keep 51 million American workers employed.
Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.
(3) Lenders may approve increases on First Draw PPP Loans starting on January 25, 2021.
quote:
Moments ago, SBA and Treasury officially announced the PPP will re-open the week of January 11 for new borrowers and certain existing borrowers. To promote access to capital, initially only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter. Read the SBA's News Release HERE.
NOTE: Only community financial institutions starting next week and only 1st time PPP applicants Monday and Tuesday. Get your paperwork together and get it in before they open the portal to the big banks and they bog down the system.
This post was edited on 1/14/21 at 9:44 am
4
Posted on 1/8/21 at 1:04 pm to VABuckeye
For second time borrowers.....Is it all new paperwork or will they let you use he same from the first time
Is it the same data? IE 2.5 months of payroll expenses based on 12 month period of calendar year 2019 or March 19-March '20?
Is it the same data? IE 2.5 months of payroll expenses based on 12 month period of calendar year 2019 or March 19-March '20?
Posted on 1/8/21 at 1:09 pm to VABuckeye
Have any of the rules been changed? Still require a 25% loss of revenue in any quarter for example right?
Posted on 1/8/21 at 1:10 pm to baldona
quote:Still? Was this a requirement initially?
Still require a 25% loss of revenue in any quarter for example right?
Posted on 1/8/21 at 1:14 pm to tigerfoot
quote:
Still? Was this a requirement initially?
Not for the first round of PPP, but was originally 30% for the second round of PPP and was then lowered to 25%, and as far as I know still is
Posted on 1/8/21 at 1:19 pm to Tigerpaw123
Wasn't there still money left over from the initial PPP for a long time? They keep talking about people that didn't get the initial PPP, who is that?
ETA: By initial I meant the second round of "initial"
ETA: By initial I meant the second round of "initial"
This post was edited on 1/8/21 at 1:20 pm
Posted on 1/8/21 at 1:26 pm to baldona
25% loss of revenue in one 2020 quarter compared to the same quarter in 2019 is a requirement. I was told by my banker today that this is a requirement for forgiveness but I went ahead and submitted the documentation anyway so it's there.
For a regular W-2 company you can use the 2020 calendar year payroll divded by 12 times 2.5 to calculate or the 2019 payroll numbers with the same formula. Different rules apply for farms and other types of companies.
For a regular W-2 company you can use the 2020 calendar year payroll divded by 12 times 2.5 to calculate or the 2019 payroll numbers with the same formula. Different rules apply for farms and other types of companies.
Posted on 1/8/21 at 1:28 pm to tigerfoot
quote:
Still? Was this a requirement initially?
Proof of a 25% loss in revenue for a 2020 quarter matching the same 2019 quarter is a requirement for forgiveness of a 2nd PPP loan. We've supplied that documentation up front so our forgiveness goes as smoothly as it did for PPP round 1.
Posted on 1/8/21 at 1:29 pm to Tigerpaw123
quote:
For second time borrowers.....Is it all new paperwork or will they let you use he same from the first time
It was noted that any paperwork required that is redundant and already in the hands of the lender does not have to be resubmitted. However, you will have to submit a new application and any new supporting documents.
Posted on 1/8/21 at 1:45 pm to VABuckeye
Ok, thanks. I got a tiny bit of the first, but after that our business boomed. Felt bad even getting the first, as we showed some signs of life prior to it, but got it anyway.
Posted on 1/8/21 at 1:52 pm to tigerfoot
Not to be political but with the incoming administration and rumors of a possible lockdown I will most definitely take advantage of a second round as COVID did greatly impact our business and particularly from February through July.
Posted on 1/8/21 at 2:04 pm to VABuckeye
We ahowed rev growth over the last 9 months, we also showed. I cant imagine we qualify, nor should we, for anything.
This post was edited on 1/8/21 at 2:18 pm
Posted on 1/8/21 at 3:45 pm to VABuckeye
We are on the accrual method of accounting for book purposes and we are on the cash method of accounting for tax purposes. Does anyone know if we should be basing our eligibility for the PPP2 on book or tax methods of accounting or if we could consider both methods?
Posted on 1/10/21 at 11:13 am to PrettyLights
Anyone know if citizens is participating this go round?
Posted on 1/10/21 at 1:13 pm to gsvar2004
We got in all of our documentation on Friday and last night they changed the PPP application again. We will fill it out and send it in tomorrow.
This link is for first draw applications.
Link to new PPP application
This link is for second time PPP applications.
2nd PPP draw application
This link is for first draw applications.
Link to new PPP application
This link is for second time PPP applications.
2nd PPP draw application
This post was edited on 1/10/21 at 1:16 pm
Posted on 1/10/21 at 1:59 pm to VABuckeye
Simple enough
Just to confirm, gross receipts does NOT include proceeds from 1st PPP, nor EIDL loan or advance, nor other grants from the CAREs act or private loan?????
Just to confirm, gross receipts does NOT include proceeds from 1st PPP, nor EIDL loan or advance, nor other grants from the CAREs act or private loan?????
Posted on 1/10/21 at 2:53 pm to Tigerpaw123
Correct. Only revenue from business.
Posted on 1/10/21 at 5:26 pm to VABuckeye
What quarter do I compare if my business opened June 2019 to present?
Posted on 1/10/21 at 8:11 pm to Tigerpaw123
Gross receipts we qualify by 1%. Cash basis we were short by 1%. This will really help weather Harris County tightening restrictions.
Posted on 1/10/21 at 8:15 pm to VanJoe
You’re going to need to delve into the PPP documentation for that answer. I do not want to speculate and give you bad info.
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