Westside Income Tax

Income Tax & Business services

Paycheck Protection Program Round 2

by | Jan 18, 2021 | PPP

Pay Check Protection Image
Currently, the SBA portal is open only to CDFI lenders for both first- and second-draw loans.The portal will open to all other lenders shortly after. Other lenders may be accepting applications, but those applications won’t be processed until the SBA portal opens to all lenders.

The Consolidated Appropriations Act, 2021 includes funding earmarked for small business loans, including a new round of the Paycheck Protection Program (PPP). It’s a sequel.
While many small businesses were able to take advantage of the program to access capital, flaws in the program prevented many businesses that truly needed funding from getting it. Updates to the PPP under the new bill aim to address these issues for first-time loan recipients and enable a second draw for those who have already received a PPP loan. 
Here’s everything you need to know about PPP Round 2:
When and how to apply for a PPP round 2 loan
PPP round 2: the basicsPPP round 2 loan eligibility
PPP round 2 loan allocationsPPP loan termsPPP loan maturity and deferral period
PPP round 2 loan maximums and limitations 
First-draw PPP loan limitationsSecond-draw
PPP loan limitationsPPP loan forgiveness 
The covered period
Covered expenses PPP loan forgiveness applicationsTaxes and deductibility of forgiven PPP expensesCommon questions about PPPWhat does a PPP round 2 loan application look like? How do I fill it out?Where can I find a list of PPP round 2 lenders?I wasn’t able to get a first-round PPP loan; should I try for one in the second round?I returned part or all of my PPP loan; can I apply for another PPP loan? Is the PPP the only loan or funding option under the new bill?
If, after reviewing this, you have additional questions, please email us directly and we will get back to you in short order.
Please stay safe and healthy.