Paycheck Protection Program.
Prestige Accounting Solutions is North Atlanta’s most trusted CPA firm specializing in the Paycheck Protection Program. In the first round, we helped many small businesses gain access to the relief funds they desperately needed. Book a call with us to see how much money we can get your small business approved for.
Here’s what you’ll need to be eligible for a PPP2:
- Demonstrate at least a 25% reduction in gross receipts (to be defined by SBA) in any quarter of 2020 relative to the same quarter in 2019.
- Employ fewer than 300 employees
- From Wednesday, February 24th to March 9th, 2021, exclusive access to the Paycheck Protection Program will be provided to the nation’s smallest businesses for two weeks, to help them survive, reopen, and rebuild. .
- Businesses with more than 20 employees can still apply, Prestige Accounting Solutions can still process your application, submissions to the SBA will resume on March 10th, 2021.
Low Interest Rate
Frequently Asked Questions
What Is The Paycheck Protection Program?
- The PPP is a loan program that provides government-guaranteed, forgivable loans for qualifying small businesses to maintain their payrolls and pay other qualifying business expenses (meaning that, if you use the loan funds as directed and follow all other program requirements, you won’t need to pay the loan back).
Who qualifies for a PPP first draw?
- If you have not yet received a PPP loan, you may qualify if you were in operation on Feb. 15, 2020 and:
- You have 500 or fewer employees;
- You are a sole proprietor, independent contractor or an eligible self-employed individual;
- You are a not for profit, including a church;
- You are a Section 501(c) organization such as a housing cooperative, business league or similar organization with 300 or fewer employees; or
- You are a qualifying news organization or and tribal business with 500 or fewer employees.
Who qualifies for a second draw PPP loan?
- Who qualifies for a second draw PPP loan?
- You have 300 or fewer employees;
- You experienced a revenue reduction of 25% or greater in any quarter of 2020 relative to the same quarter of 2019;
- You have used, or will use, the full amount of your First Draw PPP loan on or before the expected date on which the Second Draw PPP loan is disbursed to you; and
- You have used, or will use, the full amount of your First Draw PPP loan on qualifying expenses under PPP applicable rules.
What new business are now Eligible for PPP loan?
- This time around, the SBA has increased eligibility for PPP loans to some business types that were excluded from previous rounds of PPP. These businesses that are now eligible to receive funding include
- News organizations
- Some hospitals owned by government entities
- Electric, telephone, and housing cooperatives
- 501(c)(6) organizations and 501(c)(19) tax-exempt veterans’ organizations
- Tribal businesses
- Destination marketing organizations
- Certain faith-based organizations
How are the Paycheck Protection Program loan calculated?
- PPP loans are calculated based on 2.5 times your business’s (or organization’s) monthly payroll costs. If you own a restaurant, hotel, or live venue that falls under a NAICS code starting with 72, you can apply for 3.5 times your monthly payroll costs for your Second Draw.
Are PPP expenses tax-deductible?
- Yes, your PPP expenses will be tax-deductible
How long will it take to receive PPP funds?
- Once a borrower receives a Preferred Lender Program (PLP) number for their loan, the loan is approved by the SBA, and funds are reserved for the borrower. Starting on the date a borrower receives a PLP number, the lender has 10 calendar days to disburse your funds. The loan must be disbursed in full, and the 24-week loan forgiveness period begins the day funds are disbursed.
When do I have to repay a Paycheck Protection Program loan?
- If you don’t apply for forgiveness, your first payment will be due 10 months after the program expires. All loans are due in five years, if not forgiven. If you have a PPP loan with an original term of two years, you can contact your PPP lender to request an extension to five years.
Can you get a PPP loan if you have other loans?
- Yes, you can qualify for a PPP loan even if you already have other loans, including other SBA loans. However, you cannot use the funds from PPP loans and other loans for duplicate use at the same time. For example, if you use a disaster loan (EIDL) to pay your business’s rent in January, you cannot also apply for a PPP loan to cover January rent.
Will I owe any fees on a loan under the Paycheck Protection Program?
- No. Lenders are not allowed to impose fees on borrowers under the program.
How does loan forgiveness work under the Paycheck Protection Program?
- You can have up to 24 weeks of payroll costs forgiven, plus up to 40% of that amount if used for other forgivable expenses. If you use less than 60% of loan funds on payroll expenses, you will continue to be eligible for partial loan forgiveness, subject to at least 60% of the loan forgiveness amount having been used for payroll costs.
How do I apply for my PPP Loan?
- You can apply for your PPP funds now by calling our office at (833) 672-2268.
How do I apply for forgiveness for the Paycheck Protection Program loan I received?
- For details on how to apply for forgiveness, call our office at (833) 672-2268.
Where can I learn more about the PPP program?
- You can learn more details about the Paycheck Protection Program by calling our office at (833) 672-2268.