Ok, whew, here goes nothing…
If you’re not a business owner, you won’t care to read this, also, if you’ve received funds from the Paycheck Protection Program round 1 and the PPP2, this also doesn’t apply to you…
If you’re still reading, this means, you most likely missed out on 1 or both of the rounds because of certain income guidelines.
It’s always so fun trying to wade through the constant-changing rules to better understand all of this funding, so in turn I can put it in much shorter, simpler wording for all of you. They definitely don’t make it easy to understand.
So it was recently understood that a new Paycheck Protection Program was coming out, in this case that would have made it the third PPP…BUT alas, this is not true. I am sorry if I led you astray in thinking so.
The new administration simply opened the portal to more business owners who may have missed out on past rounds.
So let’s quickly recap: we’re still on round 2 of the PPP, and you still have to show a 25% loss in 2020 from a correlating quarter in 2019.
Ok, next: what made it seem like this was a new round of PPP? They recently changed the PPP rules to now go off of gross income, not net income. If you own a business, you most likely know what I’m talking about.
Sole proprietors, independent contractors and self-employed businesses who didn’t quality for PPP1 because it went off of net income instead of gross, can now apply for this PPP2 round. Then if that’s the only reason you were thrown out of the PPP1 running, then that means you can collect funds from both the PPP1 and PPP2. But only those who were thrown out of the running by using their net income instead of gross income (still need to show that 25% loss for the PPP2).
If you have any questions about any of this, feel free to email me, Elizabeth Valla, your economic development director at email@example.com or call/text at 402.719.8599 and I will try to answer your questions the best I can, and if I don’t know the answer, I’ll try my best to dig one up for you.
Thanks to Martin Koopman at Scribner Bank and Tammi Marreel at First Northeast Bank of Nebraska in Hooper for always letting me call them so we can help each other understand what’s going on with all this FUNding.