The SBA has just released the PPP 2.0 loan application.  Some lenders are now accepting applications. 

  The application to use is SBA Form 2483-SD (second draw).

For PPP 2.0, you can now use the higher of your 2019 or 2020 payroll calculation for determining the loan amount.  If basing the loan on the 2019 numbers and you are using the same lender as PPP 1.0, you will not need to provide any financial documentation with the loan application.  Documentation on the reduction of gross revenue will be provided with the application for forgiveness.  You would most likely provide a copy of the 2019 and 2020 tax returns for proof of reduced revenue (assuming the year is down by 25% or more).

Any business that have closed are not eligible for PPP 2.0. The streamlined 1-page forgiveness application has not yet been released by SBA.  There is no automatic forgiveness.  You must apply for it under all circumstances.

PPP (Paycheck Protection Program)

by | Apr 22, 2021 | PPP | 0 comments