What questions do you have about applying for the next round of PPP?

We haven't taken any ppp money our business has only increased so we figure leave it to the people that need it. Thanks 

Hopefully this will help some businesses stay alive.  I can't wait until we get through this difficult times.

A little update

I was very involved in the 1st PPP go-around.  

COVID relief bill was signed:                  

• PPP expenses now tax deductible
• $284B to 2nd PPP program.  
• More emphasis on smaller companies – total cap 2M
• Cuts out the big guys – more for the small guys
• <=300 employees
• Must have >=25% reduction in revenues in any quarter 2020 compared to same quarter 2019.
• EIDL Grant is no longer deducted from PPP forgiveness
• Covered period: pick from 8 to 24 weeks
• Group life and more retirement benefits eligible in loan amount
• Additional operations costs eligible for forgiveness
• Flexible 12 months time period for loan calculation - useful for newer companies ( still must be in business by 2/15/20)
• Certification of necessity
• Most other framework is the some as in first ppp
• New and repeat ppp borrowers are eligible

Do I have to use the PPP loan first before I can apply for loan forgiveness?  I don't want loan payments and would only apply with the confidence that it would forgiven!

I received EIDL but never applied to PPP because I didn't know I could do that instead and then apply for loan forgiveness.  I now want to apply for the second round of PPP, and convert my existing EIDL to a PPP Loan.  

Is this possible?  

It would be great to potentially be awarded forgiveness for both.  

Hi, yes.  Very interested in becoming a "pastor" like Joel Osteen, who seems to be doing well in his mega mansion, driving a rare Ferrari, while writing off those expenses to his "church" and paying no taxes whatsoever.   Oh, yes.  The PPP for business owners, right.  He received 4.4 million, but I am thrilled the 99% can get that $600 relief check. My question is, how can I be a "pastor"?    Start a religion?   

What if you’re a sole-owner/operator LLC and don’t take a regular paycheck due to cash flow irregularities? Does PPP have a provision for us? (No speculation, please)

PPP applications are to come out in two weeks, according to Treasury.  The forgiveness can be done via your Bank Portal (if they have it set up) or via the SBA.

For the Second Round of PPP, you will need to demonstrate a decline in Quarterly Revenue of 25% or more of 2020 compared to the same quarter in 2019.   This means that you will need to have financial statements, so if you summarize your operations annual, you should get to work on financial statements for 2019 and 2020 broken down by quarter.  The SBA may use bank statements as an alternative, but this remains to be seen.

The State of Indiana has a grant program as well.  To learn more go to:

https://backontrack.in.gov/2377.htm 

who qualifies?

@Dominic, my significant other's construction (250 employees) company applied for the PPP the first go around and got it.  I believe one thing I did hear is that companies with under 500 employees can apply (I saw someone below say under 300 employees, please check with SBA).  I would just do it.  I was told by my significant other that for them it is a grant.