More help for small businesses impacted by the economic shutdown is on the way.
The stimulus relief bill passed by Congress and signed by the President at the end of 2020 includes $284 billion for a second round of small business loans through the Paycheck Protection Program (PPP). If you missed out on the first round of PPP, this is your chance to take advantage of this helpful program. Plus, businesses that applied for and received a PPP loan in the “first draw” (and spent all the funds) are eligible to apply again.
Gray, Gray & Gray will be hosting a free webinar to help small businesses understand eligibility for a PPP loan, navigate the application process, and develop a strategy to use available PPP funds in order to maximize loan forgiveness. Join Jim DeLeo, Kelly Berardi, Brad Carlson, and Derek Rawls as they explain the key components of the second PPP program and what you need to know to apply.
While many of the eligibility requirements remain the same, this version of the PPP program also includes some significant changes, such as:
- Maximum loan amount of $2 million for “second draw” borrowers (cap remains at $10 million for first time borrowers)
- Maximum number of employees allowed reduced to 300 (500 employees for restaurants and hotels)
- Loans are capped at 2.5 times an applicant’s average monthly payroll costs in the one year prior to the loan being issued (3.5 times for restaurants and other eligible hospitality businesses)
- Second time borrowers must demonstrate at least a 25% reduction in gross revenue between one comparable quarter in 2019 and 2020
Learn from the experts how to properly manage and document your spending to maximize the amount of the PPP you may have forgiven by the SBA, including recommendations on cloud-based accounting software to make document verification simpler and more accurate.
Space is limited. Be sure to register early by clicking the button below!