I'd think my lender would relay the issue(s) and possible causes, but unfortunately not the case. Will they base off of taxes. With this latest round of PPP funding, businesses — even those that received a PPP loan during the first funding period — will have a second chance to take advantage of the popular relief package. Some of the nation's larger banks had more than 1 million applications for over $100 billion ready to go by 10:30 a.m., all backlog from the first round of applicants. They were so communicative and made it really simple. Summary. Eligible Entity If you were to apply somewhere else you would then go to the back of the line. This package allots an additional $284 billion for a second round of PPP funding, allowing business owners to receive a first or second loan. Will I really not qualify because I have to group the 3 months by quarter (January - March, April - June)?? What are the differences between this round of PPP loans and the previous round in 2020? This section creates a second loan from the Paycheck Protection Program for eligible businesses and businesses qualifying originally under this eligibility. Eligible entities must be businesses, certain non-profit entities, veterans’ organizations,tribal businesses, self-employed individuals, sole proprietors, independent contractors, orsmall agricultural co-operatives. This new, second PPP loan means new eligibility requirements. Press question mark to learn the rest of the keyboard shortcuts. The Paycheck Protection Program (PPP) and Economic Injury Disaster Loan (EIDL) programs are expected to return starting the week of January 11, 2021. My problem is that I am only 50% down vs 2019 Q4 if I use months June July and August of 2020. I was originally going to take round 1 PPP and spread it over 24 weeks to fill in the pay gap of EDD ($450) compared to my weekly income for 2019 ($750); and then take Round 2 as a loan. It looks to be issues tied to your first loan. Small businesses and bankers on your marks, get ready -- and don't go just yet. A second loan can be up to $2 million. Press J to jump to the feed. How and When to Apply . This amount is capped at $100,000 on an annualized basis for each employee. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. To apply, a business must have used up their first PPP loan, have no more than 300 employees, and show a 25% reduction in revenue from 2019 to 2020. Applications for this round of funding started the week of January 11, 2021, and will continue through March 31, 2021. Driver's License / Photo ID; Voided Check; Form 1040 Schedule C If line 31 is $0 or negative, you are ineligible for a PPP loan. (The following information was prepared by the SBA.) Good luck. For example, if the average monthly payroll is $30,000, that small business will qualify for $75,000 in Paycheck Protection loans. I imagine all the love from Reddit is making them a bit busy now, but I really liked the way they worked and they never seemed bogged down or stressed. The new round of PPP loans offer a “second draw” for harder-hit businesses that received PPP funding in 2020. 120.110except for entities from that regulation which have otherwise been made eligible by statute or guidance, businesses in financial services which received a Paycheck Protection Program loan in the first round of funding, and entities affiliated with entities in the People’s Republic of China. • Most businesses: As in the first round of PPP, you can get up to your average monthly payroll in 2019 times 2.5. (More on that below.) California businesses flooded lenders with the most applications for coronavirus relief money in the nation and pulled in almost twice as much money as any other state, new numbers show. Hope you hear something positive soon. o An eligible entity may only receive one covered loan.o Businesses who have received a Paycheck Protection Program loan may not. PPP round 2 is more targeted. We use cookies on our websites for a number of purposes, including analytics and performance, functionality and advertising. Second draw PPP loans have a $2 million ceiling (note that first draw PPP loans still have a $10 million dollar ceiling). Is this part of the current bill that is being negotiated or is this something that the Treasury Department decides when to open applications for the second round of PPP loans? The new round of PPP contains many similarities to the first round of the PPP but also has several important differences. Less than 300 employees this year or last year? The previous round of loans was a larger amount: $525 billion compared to the $284 billion available now. For a Second Draw PPP Loan, you may borrower up to 2.5 times your average monthly payroll, excluding any individual compensation or self-employment income above $100,000, but the maximum loan amount is capped at $2 million per borrower. I never took a copy or jotted down my sba loan number. One of the most important provisions of the new law, […] An SBA-backed loan that helps businesses keep their workforce employed during the COVID-19 crisis. My Manager is going through them now, and I should have an update by tomorrow of documents required to clear your code. First-time borrowers can apply for loans up to $10 million. It's going to be tricky verifying loss of payroll - many small business don't have a full time/sophisticated accountant. I’m pretty sure the 2.5 month calculation is a fixed number we get regardless of coverage period. o Businesses in NAICS Code 72 will be considered eligible if no single location employs more than 300 employees. Hello Reddit family, I had my first draw ppp loan through smartbiz/customers bank, and wasn't aware no copy would be sent to me. Would like to hear thoughts on this. demonstrate at least a 50 percent reduction in gross receipts in the first or secondquarter of 2020 relative to the same 2019 quarter. The American Institute of CPAs sent a letter to the Small Business Administration (SBA) on February 3, 2021 urging it to correct the processing errors and delays that small businesses are experiencing with the current Paycheck Protection Program (PPP) loan application system. PPP Round 2 Looks like the 2nd round of PPP will be for business which lost more than 50% revenue and have less than 300 employees... Also it will be calculated at 2.5 times payroll. I'm wondering how will they verify 50% revenue loss? The absolute lack of communication from the SBA is despicable, Just received this from my lender about the question of withdrawing my application with them and resubmitting elsewhere. 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