PPP Loan 2nd Round Congress agreed to approve a $900 billion COVID-19 relief package as part of the Consolidated Appropriations Act, 2021. Included in that amount is $284 billion for a second round of the Paycheck Protection Program (PPP).  We are partnering with Newtek. It is now open for the 2nd round of PPP for borrowers who are eligible.

The new relief package includes:

• Additional funding for new PPP loans
• $15 billion for live venues, independent movie theaters and cultural institutions

• The business has less than 300 employees.
• Gross receipts during any quarter of 2020 were at least 25% lower as compared to the same quarter of 2019
• The amount of PPP loans are calculated in the same manner as the original PPP loan (2.5 times monthly payroll). Businesses that have an NAICS code beginning with 72 (Accommodation and Food Services) average monthly payroll is multiplied by 3.5 instead of 2.5.
• The covered period for the loan continues to be between 8 and 24 weeks.

• Payment to suppliers
• Payment to repair property damage not covered by insurance which was caused by looting or rioting√
• Expenses related to business improvements made to comply with safety protocols
• Payments for software that facilitates business operations

• Expenses paid with PPP proceeds or with an EIDL emergency grant are now deductible for tax purposes.