PPP Launch- FAQ's with the SBA for Contract workers

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PPP Round 2 Launches Today. Apply online for PPP round 2 here: https://www.womply.com/maxmaher/?utm_...

For this Q&A we will be joined by very special guests Bill Briggs (head of the Paycheck Protection Program at the SBA) and Toby Scammell (CEO of Womply)

PPP News
Congress has approved $284 billion for another round of PPP loans. PPP loans are forgivable loans meant to go to contractors and small businesses to keep their earnings and payroll stable.

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

Applicable Expenses:
-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
-Rent or Mortgage Expenses
-Supplies from Vendors
-Protective Equipment
-Property Damage Due to Public Disturbances

If you received a loan the first round you may be able to draw from the second round if you hit a few criteria:
-Show a 25% reduction in revenue
-Your company can not have over 300 employees
-Your business must have already spent the first round or must plan to use it.

PPP 2 start date
PPP 2 application link
When can I get PPP round 2?
Is PPP 2 available?
How to apply PPP round 2?