The House has just passed a resolution to extend the PPP application deadline from March 31 to May 31, and to give banks an additional 30 days beyond that to process the applications.  We believe this will be finalized before month-end.

The SBA has put out further guidance on applying for PPP 2.0.  You can apply for 2.0 as soon as 8 weeks from the 1.0 funding date.  The fine print says that you must use up or plan to use up the proceeds of first draw before applying for second draw.  Some banks are allowing people to submit the application sooner than the 8 weeks.  Remember that 2.0 has the income reduction qualifier of at least 25% reduction in gross revenue for at least one quarter of 2020 as compared to the same quarter of 2019.  Sch. C filers do not have to prove any payroll.  Their forgiven amount is the same amount used to calculate the PPP loan amount. We are still waiting for the SBA to issue guidance on when and how Sch. C borrowers can go back and get the increased amount of PPP 1.0 based on the gross revenue rather than the net profit. One source has told us that some lenders are already accepting applications for this