Paycheck Protection Program Loan Assistance:
Round 2

Need Some Help?

We know all of you have been affected by the economic situation caused by COVID-19. And many of you are still dealing with the fallout. We want to help you get back on your feet however we can.

We have gathered some information from the government funding website to simplify this process for you the best we can. Be sure to check updates from the SBA site directly in case of any changes.

As you may have heard, the Small Business Loan (SBA) began accepting applications for the Paycheck Protection Program (PPP) on January 11, 2021. The PPP loans can be used to help fund payroll costs, benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. The SBA will forgive loans if all employee retention criteria are met, and the funds are used for eligible expenses.

Start Here

We recommend starting with your bank, lender or financial advisor. If you applied for the first round of Paycheck Protection Program (PPP) loans last year, then use the same bank or advisor because they already have most of your paperwork on hand.

Do you qualify?
You qualify if you're able to answer "yes" to the statements below:

• You are a sole proprietor, independent contractor or self-employed
• You have fewer than 300 employees
• You can prove at least 25% reduction in gross receipts in comparable quarters from 2019 and 2020 (if received SBA loan in 2020)

What is included in the calculation of "Gross Receipts"?
“Gross Receipts” include all revenue in “whatever form received or accrued from whatever source,” including from sales of products or services, interest, dividends, rents, royalties, fees, or commissions, reduced by returns and allowances. Generally, receipts are considered “total income” (or in the case of a sole proprietorship, independent contractor, or self-employed individual “gross income”) plus “cost of goods sold,” and excludes net capital gains or losses.

Does the SBA require any documentation for calculating "Gross Receipts"?
1. Gross receipts documentation is required for all applicants of $150,000+ loans, but lenders must also conduct a “good faith review” of all documentation for forgiveness.
2. For second draw loans greater than $150,000, an applicant must show documentation to the lender to show the 25% loss, such as annual tax forms or (if relevant tax forms are not available) quarterly financial statements or bank statements.
3. For second draw loans of $150,000 or less, documentation is not required at the time of application, but must be submitted on or before the date the borrower applies for loan forgiveness.

Get Help from an Accountant

As an additional resource, the Core Group, a national small business accounting services firm, has made themselves available to assist you with your SBA questions and applications. You can use the form below to contact Christian Brim directly.

Or check out the additional resources here: https://coregroupus.com/covid-19.