PPP2 Application Details

We have had a lot of calls and questions coming in from clients asking to help with the latest PPP 2 application process.

So, we thought we would throw out a few important details for those of you that have similar questions but maybe just haven’t made it to the phone or Google yet.  

Criteria For Qualification

1. Already received PPP 1 and have, or will, use the full amount (if you are applying for the PPP loan for the first time now, it’s still considered as PPP round 1)
2. In business prior to 2/15/2020
3. Have less than 300 employees, except for NAICS sector 72 business – hotel and food services
4. 25% reduction in gross receipts (*a) in 2019 vs 2020 any quarter

Loan Amount Calculations:

1. Higher than average monthly payroll 2019 or 2020 x2.5 (3.5 for hotel and food services)
2. Payroll costs include:

• • • employee compensation (salary, wage, commission, bonus)
    • payment for vacation, parental, family, medical or sick leave
    • payment of employee benefits: group health care insurance, group life, disability, vision or dental insurance
    • employer portion of retirement benefits
    • employer’s state and local taxes assessed on compensation of employees

Bank Requested Supporting Documents:

1. Proof of gross receipt reduction:

2. Proof of payroll cost

3. Proof of non-payroll cost

4. Proof of operations

• • • Any payroll doc to show the business was in operation and paying employees as of 2/15/2020.