A second PPP loan is only available to businesses that were in operation before February 15, 2020. They must have used up their initial PPP loan and have incurred a 25% or more reduction in revenue in 2020. If the businesses recorded $15,000 or less in Q2 sales in 2020, they are eligible to apply for a second PPP loan.

Is the PPP money already gone?

Most of the money is already gone. As of Friday, only about $3 billion was left of the $800 billion provided for the program, according to congressional staff. The Small Business Administration has approved more than 11 million of the loans over the course of the program.

Why is PPP taking so long?

This round served 891,000 borrowers by the end of the first quarter with more approvals to come. A delay in PPP loan processing and approval can be traced back to strong demand and the struggle for banks and third-party processors to keep up.

When does the second draw PPP loan end?

If you have previously received a Paycheck Protection Program (PPP) loan, certain businesses are eligible for a Second Draw PPP loan. The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness.

How does the Paycheck Protection Program ( PPP ) work?

But this particular program essentially created a grant (free money) for you to use to pay your employees, as well as your rent (see below for all qualifying expenses), through this rough patch we’re experiencing. Today the President signed into law the PPP “Enhancement” Act.

Where do I find my salary when applying for PPP?

If you are using a payroll provider, your salary will be included on an annual payroll report along with any W2 employees you may have. If you’ve been running payroll manually yourself or with the help of a CPA, so long as you have been remitting payroll taxes, you can use those salaries in your calculation to apply for the PPP.

When is the deadline for Round 3 of the PPP?

Round 3 PPP Application Deadline The Consolidated Appropriations Act, 2021 (CAA) extended the Paycheck Protection Program (PPP) through March 31, 2021, or until funds are depleted. The amount of…