COVID Relief – 2021
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