{"id":9956,"date":"2021-01-08T07:05:34","date_gmt":"2021-01-08T13:05:34","guid":{"rendered":"https:\/\/www.cainwatters.com\/digitalblogs\/?p=9956"},"modified":"2021-01-11T10:48:56","modified_gmt":"2021-01-11T16:48:56","slug":"second-draw-ppp-program","status":"publish","type":"post","link":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/","title":{"rendered":"Interim Final Rules Released Offering Clarification on Second Draw PPP Program"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"9956\" class=\"elementor elementor-9956\" data-elementor-post-type=\"post\">\n\t\t\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-47b5b17a elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"47b5b17a\" data-element_type=\"section\" data-e-type=\"section\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-default\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-65afc7bc ae-bg-gallery-type-default\" data-id=\"65afc7bc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-7e9931e9 elementor-widget elementor-widget-heading\" data-id=\"7e9931e9\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"heading.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t<h2 class=\"elementor-heading-title elementor-size-default\">Summary of important deadlines, eligibility requirements, and loan amounts<\/h2>\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-7b18882a elementor-widget elementor-widget-text-editor\" data-id=\"7b18882a\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>On December 27, 2020, President Trump signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act or EAA). The EAA established the Second Draw PPP Loans Program (PPP2).<\/p><p>On January 6, 2021, the Treasury Department released two Interim Final Rules (IFR) providing further clarification on the program. Loan terms and many other details are consistent with the first round of PPP loans. The following is a summary of the EAA provisions for the program.<\/p><h5><strong><u>PPP2 Important Dates &amp; Deadlines:<\/u><\/strong><\/h5><ul><li>The EAA became effective as of the date of the enactment of the bill<\/li><li>Borrowers will have until March 31, 2021 to apply for a loan under PPP2<\/li><li>The SBA lender portal is not open at this time to accept applications. Until that takes place\u2014<em>you cannot submit an application for your loan. <\/em><\/li><\/ul><h5><strong><u>Eligibility Requirements: <\/u><\/strong>\u00a0<\/h5><p>For CWA purposes, PPP2 loans will be eligible for businesses concerns, self-employed individuals, independent contractors, and sole proprietors that:<\/p><ul><li>Received a first draw PPP loan under the first PPP eligibility requirements<\/li><li>Has used, or will use, first draw proceeds on authorized uses before the expected date on the Second Draw PPP loan is disbursed to the borrower<\/li><li>Employs 300 or less employees<\/li><li>Experienced a 25% reduction in gross receipts during one quarter of 2020 compared to the same quarter in 2019, or a reduction in annual revenue of 25% or greater in 2020 compared to 2019. In this second case the business must submit its annual tax forms substantiating the revenue decline.<\/li><\/ul><p>\u00a0<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0da023b elementor-widget elementor-widget-text-editor\" data-id=\"0da023b\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<h4><strong><em>CWA Comments: <\/em><\/strong><\/h4><p>The IFR specifically mentions quarter-over-quarter comparisons so the implication is that a business <em>cannot<\/em> select any rolling three-month window to qualify.<\/p><p>For an applicant in business all of 2019 and 2020, showing a full year annual decrease may be difficult since 2020 tax returns may not yet be prepared. Additionally, we found many CWA clients were able to recover on an annual basis, making it difficult to show a substantial decrease. We feel the application will largely concern Q1 or Q2 2020 compared to 2019 and suggest submitting that time frame in the application.<\/p><p>To ease in the application process, CWA accounting clients will have access to these monthly statements \u00a0via Suralink where they can provide guest access to their lender.<\/p><p>It\u2019s also important to note that proceeds from the first draw PPP loan <strong><u>will not<\/u><\/strong> be included in gross receipts for above eligibility tests. However, based on the language in the IFR, it is assumed any HHS Provider Relief Payment received or local grant received <strong><u>will<\/u><\/strong> be included as gross receipts until otherwise excluded by the Treasury. This will not likely impact CWA clients since many received these funds in Q3 or Q4.<\/p><h5><strong><u>Maximum Loan Amount:<\/u><\/strong><\/h5><p>In general, the loan amount is calculated based on average monthly payroll costs and in the same payroll calculation as the First Draw PPP loan was calculated.<\/p><p>Maximum loan amount is the lesser of:<\/p><ul><li>2.5 times borrower\u2019s average monthly payroll costs; or<\/li><li>$2,000,000<\/li><\/ul><h4><strong><em>CWA Comments: <\/em><\/strong><\/h4><p>Applicants are allowed to use 2020 payroll costs at their discretion. This could result in a higher loan amount for clients who had higher payroll costs in 2020 than 2019.\u00a0 In many cases, with the furloughs of 2020, payroll costs may in fact be higher in 2019.<\/p><h5><strong><u>Submitting an Application for PPP2:<\/u><\/strong><\/h5><ul><li>Applicant must file Form 2483-SD or lender\u2019s equivalent form.<\/li><li>If an applicant is borrowing from the same bank and using the same figures for the calculation of the loan amount then no payroll information is needed to apply.<\/li><li>For loans greater than $150,000, submit documentation of reduction in revenue at the time of application.<\/li><li>For loans less than $150,000, submit documentation of reduction in revenue no later than the date of filing for forgiveness. However, the reduction of revenue must be attested to at the time of application.<\/li><li>Documentation to substantiate reduction in gross receipts will be one of the following:<ul><li>Tax returns if they are filed<\/li><li>Bank statements<\/li><li>Quarterly financial statements<\/li><\/ul><\/li><li>At time of application, the borrower must also make the same certifications as the First Round PPP as well as additional ones certifying that they have not already received a second PPP2 loan and used the first round of PPP monies for qualified purposes before the disbursement of PPP2 loan proceeds.<\/li><\/ul><h5><strong><u>PPP2 Loan Forgiveness:<\/u><\/strong><\/h5><p>PPP2 loans are eligible for loan forgiveness on the same terms and conditions as First Draw PPP loans except that PPP2 loans under $150,000 are required to provide documentation of revenue reduction if such documentation was not provided at time of application.<\/p><p>The 60\/40 rule still applies as in the First Round PPP Loan. Please refer to our <strong><a href=\"https:\/\/www.cainwatters.com\/digitalblogs\/ppp-expenses\/\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">original blog for a list of eligible expenses<\/span><\/a> <\/strong>and commentary on each.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<section class=\"has_ae_slider elementor-section elementor-top-section elementor-element elementor-element-363ce88d blue-box elementor-section-boxed elementor-section-height-default elementor-section-height-default ae-bg-gallery-type-default\" data-id=\"363ce88d\" data-element_type=\"section\" data-e-type=\"section\" data-settings=\"{&quot;background_background&quot;:&quot;classic&quot;}\">\n\t\t\t\t\t\t<div class=\"elementor-container elementor-column-gap-no\">\n\t\t\t\t\t<div class=\"has_ae_slider elementor-column elementor-col-100 elementor-top-column elementor-element elementor-element-3526a7dc ae-bg-gallery-type-default\" data-id=\"3526a7dc\" data-element_type=\"column\" data-e-type=\"column\">\n\t\t\t<div class=\"elementor-widget-wrap elementor-element-populated\">\n\t\t\t\t\t\t<div class=\"elementor-element elementor-element-21b3d2ff elementor-widget elementor-widget-text-editor\" data-id=\"21b3d2ff\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>Additional information will be shared as it is released by the Treasury and SBA. \u00a0For all our updates, visit our blog at <strong><a href=\"http:\/\/cainwatters.com\/digitalblogs\" target=\"_blank\" rel=\"noopener\"><span style=\"text-decoration: underline; color: #33cccc;\">cainwatters.com\/digitalblogs<\/span><\/a><\/strong>.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t<\/section>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>Summary of important deadlines, eligibility requirements, and loan amounts On December 27, 2020, President Trump signed into law the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act or EAA). The EAA established the Second Draw PPP Loans Program (PPP2). On January 6, 2021, the Treasury Department released two Interim Final [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":9965,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"inline_featured_image":false,"footnotes":"","_ppma_block_editor_authors":""},"categories":[29,21],"tags":[],"ppma_author":[48],"class_list":["post-9956","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-news","category-tax-news"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v28.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Interim Final Rules Released Offering Clarification on Second Draw PPP Program<\/title>\n<meta name=\"description\" content=\"On January 6, 2021, the Treasury Department released two Interim Final Rules (IFR) providing further clarification on the program. Loan terms and many other details are consistent with the first round of PPP loans. The following is a summary of the EAA provisions for the program.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Interim Final Rules Released Offering Clarification on Second Draw PPP Program\" \/>\n<meta property=\"og:description\" content=\"On January 6, 2021, the Treasury Department released two Interim Final Rules (IFR) providing further clarification on the program. Loan terms and many other details are consistent with the first round of PPP loans. 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The following is a summary of the EAA provisions for the program.","og_url":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/","og_site_name":"Cain Watters Blog","article_published_time":"2021-01-08T13:05:34+00:00","article_modified_time":"2021-01-11T16:48:56+00:00","og_image":[{"width":1200,"height":628,"url":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2021\/01\/CovidEmailHeader-Second-Draw-10.jpg","type":"image\/jpeg"}],"author":"CWA","twitter_card":"summary_large_image","twitter_misc":{"Written by":"CWA","Est. reading time":"4 minutes"},"schema":{"@context":"https:\/\/schema.org","@graph":[{"@type":"Article","@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/#article","isPartOf":{"@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/"},"author":{"name":"CWA","@id":"https:\/\/www.cainwatters.com\/digitalblogs\/#\/schema\/person\/5377defb92fcf06c1ff8504bf9880267"},"headline":"Interim Final Rules Released Offering Clarification on Second Draw PPP Program","datePublished":"2021-01-08T13:05:34+00:00","dateModified":"2021-01-11T16:48:56+00:00","mainEntityOfPage":{"@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/"},"wordCount":804,"commentCount":0,"image":{"@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2021\/01\/CovidEmailHeader-Second-Draw-10.jpg","articleSection":["News","Tax News"],"inLanguage":"en-US","potentialAction":[{"@type":"CommentAction","name":"Comment","target":["https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/#respond"]}]},{"@type":"WebPage","@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/","url":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/","name":"Interim Final Rules Released Offering Clarification on Second Draw PPP Program","isPartOf":{"@id":"https:\/\/www.cainwatters.com\/digitalblogs\/#website"},"primaryImageOfPage":{"@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/#primaryimage"},"image":{"@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/#primaryimage"},"thumbnailUrl":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2021\/01\/CovidEmailHeader-Second-Draw-10.jpg","datePublished":"2021-01-08T13:05:34+00:00","dateModified":"2021-01-11T16:48:56+00:00","author":{"@id":"https:\/\/www.cainwatters.com\/digitalblogs\/#\/schema\/person\/5377defb92fcf06c1ff8504bf9880267"},"description":"On January 6, 2021, the Treasury Department released two Interim Final Rules (IFR) providing further clarification on the program. Loan terms and many other details are consistent with the first round of PPP loans. The following is a summary of the EAA provisions for the program.","breadcrumb":{"@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/#breadcrumb"},"inLanguage":"en-US","potentialAction":[{"@type":"ReadAction","target":["https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/"]}]},{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/#primaryimage","url":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2021\/01\/CovidEmailHeader-Second-Draw-10.jpg","contentUrl":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-content\/uploads\/sites\/2\/2021\/01\/CovidEmailHeader-Second-Draw-10.jpg","width":1200,"height":628},{"@type":"BreadcrumbList","@id":"https:\/\/www.cainwatters.com\/digitalblogs\/second-draw-ppp-program\/#breadcrumb","itemListElement":[{"@type":"ListItem","position":1,"name":"Home","item":"https:\/\/www.cainwatters.com\/digitalblogs\/"},{"@type":"ListItem","position":2,"name":"Interim Final Rules Released Offering Clarification on Second Draw PPP Program"}]},{"@type":"WebSite","@id":"https:\/\/www.cainwatters.com\/digitalblogs\/#website","url":"https:\/\/www.cainwatters.com\/digitalblogs\/","name":"Cain Watters Blog","description":"Long Term Solutions for Financial Independence","potentialAction":[{"@type":"SearchAction","target":{"@type":"EntryPoint","urlTemplate":"https:\/\/www.cainwatters.com\/digitalblogs\/?s={search_term_string}"},"query-input":{"@type":"PropertyValueSpecification","valueRequired":true,"valueName":"search_term_string"}}],"inLanguage":"en-US"},{"@type":"Person","@id":"https:\/\/www.cainwatters.com\/digitalblogs\/#\/schema\/person\/5377defb92fcf06c1ff8504bf9880267","name":"CWA","image":{"@type":"ImageObject","inLanguage":"en-US","@id":"https:\/\/secure.gravatar.com\/avatar\/7cd3f0890490030e268fd26d8201e65299246a9877bf0580593351d6e7b2d23b?s=96&d=mm&r=g6624cf3b6f65cf286af28a8c7bd86693","url":"https:\/\/secure.gravatar.com\/avatar\/7cd3f0890490030e268fd26d8201e65299246a9877bf0580593351d6e7b2d23b?s=96&d=mm&r=g","contentUrl":"https:\/\/secure.gravatar.com\/avatar\/7cd3f0890490030e268fd26d8201e65299246a9877bf0580593351d6e7b2d23b?s=96&d=mm&r=g","caption":"CWA"},"url":"https:\/\/www.cainwatters.com\/digitalblogs\/author\/paigeworley\/"}]}},"authors":[{"term_id":48,"user_id":7,"is_guest":0,"slug":"paigeworley","display_name":"CWA","avatar_url":"https:\/\/secure.gravatar.com\/avatar\/7cd3f0890490030e268fd26d8201e65299246a9877bf0580593351d6e7b2d23b?s=96&d=mm&r=g","author_category":"","first_name":"Paige","last_name":"Worley","user_url":"","job_title":"","description":""}],"_links":{"self":[{"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/posts\/9956","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/comments?post=9956"}],"version-history":[{"count":0,"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/posts\/9956\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/media\/9965"}],"wp:attachment":[{"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/media?parent=9956"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/categories?post=9956"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/tags?post=9956"},{"taxonomy":"author","embeddable":true,"href":"https:\/\/www.cainwatters.com\/digitalblogs\/wp-json\/wp\/v2\/ppma_author?post=9956"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}