First step, you need to make sure your bank will be offering this Round 2 Paycheck Protection Program loan/grant…
This article link states, by finding out if your bank will be offering this PPP R2 prior, it will make the process easier on everyone, including making it quicker to apply.
APPLICATIONS AREN’T OPEN YET, BUT BE READY
TOP ELIGIBILITY points to pay attention to:
- If your average quarterly revenue from 2020 is down by at least 25% compared to 2019.
- Fewer than 300 employees (not an issue in Scribner)
- $284 billion will be set aside just for businesses with less than 10 employees
- Need to have been in business by February 2020
- You CAN apply for this 2nd round, even if you got the 1st round, but your Round 1 funds must have been used already
- STAY TUNED FOR MORE INFORMATION ON WHEN IT OPENS
- Sole proprietors, self employed individuals or independent contractors can also apply
This is a quick explanation
If you have time, this is a long explanation:
**FORGIVENESS FOR ROUND 1 – if you received $150,000 or less, the bank will have sent you {or will be sending you} a survey link; it’s only one page long. You fill it out and that money will be forgiven.
There were a few of you who weren’t spending the EIDL (Economic Injury Disaster Loan) funds, because in the beginning they said it would jeopardize your PPP Round 1 forgiveness-they have now taken that back. The EIDL funds will NOT affect how much of your PPP is forgiven. As long as you were given less than $150,000, they are saying it’s all forgiven. Again, check with your lender on how they are handling this.