Learn the conditions of the Paycheck Protection Program Round 2 as you create your PPP plan for 2021. Hear insights about:
- The key requirements to receive funding for the second round of PPP
- How # of employees and # of locations impact your eligibility for PPP funding
- What financial metrics to use in creating your PPP plan for 2021
- How your use of the first-draw funds affects your eligibility for the second draw
- Understanding and calculating declining gross receipts
- Changes to the CARES Act and employee retention credit
Round 2 of the Paycheck Protection Program is part of the Appropriations Act of 2021. As you build out your PPP plan for 2021, it is important to note that the last date you can submit an application is March 31st. You can also submit an application for round 1 by that same deadline if you did not apply for the first round of aid last year.
The second round of PPP funding is intended to help businesses that have been hit hardest by the pandemic. When putting your PPP plan together, these are some of the conditions that must be met:
- 300 or fewer employees per location
- 25% gross receipt decline in any quarter of 2020 compared to the same quarter in 2019
- You have used or will use the full amount of your first-draw funds
The documentation required to receive second-draw funding from the PPP plan is going to be about the same as it was in the first round. In the solocast, I proved a detailed overview of all the requirements, including tips for performing the calculations you need to qualify. As always, please visit me at www.theprogressivedentist.com for more informative, money-saving podcast episodes like this one.
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About Craig Cody:
Craig Cody is a Certified Public Accountant, Certified Tax Coach™, business owner, and the host of The Progressive Dentist Podcast and The Progressive Agency Owner Podcast. Prior to his current work, Craig spent seventeen years with the NYPD, where he retired as a Lieutenant in September 2000. Craig is an expert in helping his clients legally reduce their tax liabilities and keep more of their money. Through his podcast, Craig helps dentists grow their practices through smart financial decisions and through financial education of the kind that isn’t offered in dental school.