Just some new tidbits on PPP for the new opportunity –

Reminder – you need to show quarter over quarter decline 2019 to 2020 and owned the business 2/15/20.

Forgiveness categories are now (and maybe retroactively to 2020 PPP):
Up to 40%
  • Covered supplier costs – not building inventory but supplies used in operations
  • Covered operations expenditures – this is cloud based computing, systems to work in time of COVID
  • Worker protection expenditures are broader than jus PPP.  Think barriers, tents for outside this and that, way signs
  • Property damage expenditures – think broken windows and beyond as result of disturbances during the time.
Payroll remains at 60% but also includes business paid shares of health insurances.  Request remains at 2x payroll.
There are some  businesses that will be able to request 3x payroll – NAICS 72.
Funding until 3/31 or until funds run out.
There is set aside for businesses with < 10 employees (there was a 2 day head start but this is over).
There are set asides for small community banks – this might help find the current round of PPP.
Do not need to go back to same bank.
The application form is now out –Link
While I imagine you know this:  the expenses covered by PPP are now deductible on taxes. This is tax free including 2020 and 2021.
Have a great day!  Pd