It appears there is finally some agreement in Congress and the second stimulus package should be passed tomorrow. Within this package is the second round of PPP loans that will be eligible to businesses that can show a -25% (or possibly -30%) loss of revenue in Q2-2020 vs Q2-2019. The threshold (-25%-30%) and comparison periods (Q2) are not finalized, so please keep an eye out for communication from your bank this week, detailing these requirements, and we can determine your eligibility.
The second item also included is clarification regarding the forgiveness tax aspect. It appears they will revert back to the original language that will not make the forgiveness of the loan a taxable event (and all expenses will be deductible) which is great news!
Obviously as more details become available, I’ll be in touch, but if you have any questions after receiving communication from your bank, please let me know.
Hope you all enjoy your Holiday! And we’ll be in touch soon!