COVID-19 More PPP/ EIDL Funds Coming – Resources from GBQ Partners LLC
For those that did not get your PPP loan before the tap ran dry, the “water” is likely going to turn on again. On Tuesday evening, April 21, 2020, the Senate approved a $480 billion relief package which will authorize the Paycheck Protection Program (PPP) to spend an additional $310 billion. Although the legislation has not been approved by the House, it is expected to pass the House and be signed into law by the President later this week.
Our friends at GBQ wrote an article that can be viewed at https://gbq.com/round-2-paycheck-protection-program/ regarding this and how to be ready for the second round of applications if you have not received a PPP loan.
As indicated in the article, you may only have one PPP loan so those that have received theirs will not be able to apply. Speak to your accountant or your other professional counsel about this.
Additionally, the loan forgiveness aspect of the PPP loans is quite confusing and hyper-technical. GBQ has also published a well-organized FAQ on this topic, which can be found here: https://gbq.com/wp-content/uploads/2020/04/PPPL-Debt-Forgiveness-FAQs.pdf
As you can see, we value the resources that GBQ has made publicly available and believe that you should take some time to review them yourselves. They have an entire site dedicated to COVID-19 Resources: https://gbq.com/coronavirus/. Check it out.