As your partner in banking, we wanted to make sure you were aware of what we know so far about the most recent Economic Relief Bill.
Criteria for PPP Round 2:
- PPP expenses are now deductible
- The income (PPP funds) are nontaxable
- A business can not employ more than 300 employees (per location) with a loan max of $2M
- You need to have used all of the money from the original PPP, but the original PPP doesn’t need to be forgiven
- You need at least a 25% reduction in revenue in Q1, Q2 or Q3 of 2020, relative to the same quarter in 2019.