How do I Apply for PPP Round 2 for small businesses- First-timers & Minority's are 1st priority

Описание: How to Apply for PPP Round 2 for small businesses-Minority's 1st priority Businesses that missed out on first round come first for second round along with minority owned Small Businesses #paymentprotectionprogramround2 #PPPround2 #ppploan

Apply for PPP
https://www.sba.gov/funding-programs/...

PPP News:The Trump Administration just announced the PPP will be up and running on Monday January 11th.

However, for at least 2 days it will only be available to a smaller group of businesses, including:
People who didn’t get the first round
Minority institutions and community based lenders
Small companies with less than 10 employees (counts contractors)
Low-income areas

In order to get a PPP loan forgiven.. Meaning the ability to have a loan balance wiped out without having to pay it back you have to spend it on specific items.

Applicable expenses are:
Gross salary, wages, tips, and commissions to employees or yourself if you’re self employed
Paid Leave (any paid leave that isn’t covered by the Families First Coronavirus Response Act)
Employee Benefits Costs
Interest Expenses
Utility Expenses
And Rent or Mortgage Expenses

Those were the forgivable expenses in the first round. In the second round you can also spend this money on supplies from vendors, protective equipment, and property damage due to public disturbances

Documents Needed For PPP 2:
1.Completed PPP Application Form
Include your contact name and email address.
List the names of all owners (over 20%).
Indicate your Business Type (Independent Contractors and Sole Proprietors have slightly different document requirements).

2. Average monthly payroll costs
-Includes wages, commissions, tips, vacation, leave, and health benefits not in excess of $100,000 per employee. (also applies for self employed via earnings)

3. Proof of payroll or self income:
You’ll need one of these documents:
Irs form 940 for 2019
Irs form 941 all quarters 2019
Irs form 944 for 2019
Or Payroll processor records

If you are a partnership without employees you’ll need a 2019 schedule K. If you show no profit on line 14a you unfortunately do not qualify for a PPP loan

If you’re self employed as a sole prop or contractor you will need a 2019 1040 schedule C. You will need to show profit on line 31

4. You need proof of ownership.
Each owners name and SSN
1 other document for proof of ownership this could be articles or incorporation or a 1040 schedule C or W9 form

5. Government ID for all owners of more than 20%

6. Email addresses for all owners over 20%

7. Banking information for your business

8. Certificate of good standing from your secretary of state. This does not apply for contractors or sole props.

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