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.
Who?
What?
When?
Where?
Why?
What?
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
- Covered Expenses is expanded to include
- 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.
- 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
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
