In preparation for the opening of the Small Business Administration (SBA) Paycheck Protection Program (PPP) Round 2 this week, our Bowers Team has put together a 30-minute video to help answer your questions. Video topics include: specifics on the second draw as well as the first draw – in case this is your first time applying for a PPP Loan.
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As discussed in the video, for borrowers who are considering a Second Draw PPP Loan, there are requirements that need to be met in order to be eligible. Eligible borrowers for a Second Draw PPP Loan will generally be eligible if:
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- Previously received a First Draw PPP Loan and will or has used the full amount of the loan on qualified expenses before second draw is disbursed
- Has no more than 300 employees
- Experienced at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
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Please reach out to your Bowers representative if you have any questions or concerns. If you are not a current client of Bowers & Company, you can send questions to info@bcpllc.com
Presenters
Nicole Teska, CPA, CFE, is a Partner at Bowers & Company CPAs.
Bob Teska, CPA, CCIFP, is a Partner-in-Charge of Construction Services at Bowers & Company CPAs.
Bowers & Company CPAs aims to offer helpful information to our clients and friends. Learn more about how we can help should your business need accounting and financial services.
Disclaimer:Â To ensure compliance with requirements imposed by the Department of Treasury, we inform you any U.S. federal tax advice contained in this document or video is not intended for the purpose of (i) avoiding penalties under the Internal Revenue Code, or (ii) promoting, marketing, or recommending to another party any transaction or matter that is contained in this document.
