PPP2 Act: Update January 6, 2021

The new Stimulus bill provides for a new round of PPP loan funding. While the SBA has not released details yet, we want to provide you with anticipated direction so you can begin to gather supporting documents. Under Round 2 Resources (to the right of this message), we will soon provide a link to the updated application when it is available as well as any other critical information links. In the meantime, we anticipate the following documentation will be needed:

  1. The borrower must demonstrate that there was a 25% reduction from the gross receipts year over year from the same quarter in 2019.
  2. For the purposes of this 25% rule, gross receipts will include all revenues from the normal operation of the business before subtraction of expenses but will not include amounts borrowed, including amounts received for PPP loans.
  3. The borrower must employ no more than 300 employees, or meet an alternative size standard.
  4. Additional documentation will be needed and communicated once SBA guidance is received.

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