PPP News
& Resources

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. 
Other important changes:

  • Simplified forgiveness for loans under $150,000. (We are awaiting a new forgiveness form from the SBA for those in this category.)
  • EIDL Advance Grants no longer reduce your forgiveness. (For those who have paid, or are paying their EIDL loan, we are awaiting guidance from the SBA on how we issue reimbursement.) 

Rather listen than read, watch our video update:
Stay tuned to our website as well as your email for updates as information becomes available on the re-opening of the PPP Portal.