Brett Denton of A10 Capital Shares How to Gain Access to Round 2 of The Paycheck Protection Program

Show Notes

Are you looking for the Paycheck Protection Program funding? Text 208-991-6537 right now to see if you qualify for the Paycheck Protection Program.







How much is available

  • $284 Billion of the $900 billion stimulus package
    • First-round was $525 billion, thus this will go fast.  We are thinking 30 days

Qualifications and Differences from Last Round

  • How Does the Loan Differ and how is it the same from the last one
    • Applicants have between 8 and 24 weeks to use the funds, with at least 60% going towards payroll and rest towards eligible expenses like rent and utilities
      • Covered Expenses is expanded to include
        • Cloud computing
        • Remote-work software
        • Equipment for government-mandated sanitation and social distancing
        • Property damage and vandalism and lotting due to public disturbances that occurred during 2020
    • Capped at $2M versus $10M
    • Applicants must have no more than 300 employees (was 500 last round)
    • The business must be able to demonstrate a gross revenue loss of 25% in any of the calendar quarters in 2020 when compared to the respective quarters in 2019.

Application Deadline

    • The deadline for new loans is March 31, but again we think they will go faster than that

Loan Amount Calculation

    • Payroll Costs x 2.5 (capped at $2M)
    • Restaurants and other hospitality businesses multiply by 3.5

Who is NOT eligible

  • If you don’t qualify for the 25% reduction in revenues
  • Businesses specializing in political or lobbying activities
  • Business with extensive dealings in China, or who have China Residents on their board
  • Concert venues, theaters, and museums, but they can apply for special “Shuttered Venue Operator Grants” worth up to $10M

How will this impact existing forgiveness applications

  • If you got more than $150K if probably won’t have any effect
  • If you got less than $150K the process should be easier
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