As you may have recently heard, the second COVID-19 Relief Package has been signed by the President this week.
As of now, the legislation provides that the SBA must develop rules, processes, and applications within 10 days of being signed by the president.
Please click here to access an excerpt from the legislation that addresses what the relief package entails.
The Bill addresses multiple items including the following:
– A streamlined Forgiveness Application for loans under $150,000
– Second Draw for PPP Loans with new eligibility requirements
– Have used or will use the full amount of first PPP loan
– Demonstrate a decrease in sales by 25% or more in Q1, Q2, or Q3
compared to the same period in 2019
– Must have under 300 employees
– Can receive a loan in the amount of 2.5x average monthly payroll
– Repeal of EIDL advance being deducted from your PPP forgiveness
Taking into account the rollout of the first PPP program, we anticipate that the it will change as it gets released. Our team will be tracking this roll out and will advise once it has been finalized.
In the meantime we will be working with our partners to ensure that once these programs go live we can assist in getting this resolved.
We wish you the safest and best of the Holiday Season.