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What Small Businesses Need to Know About the Second Round of Paycheck Protection Program Funds
A second round of Paycheck Protection Program funding is included in the recent passage of the Consolidated Appropriations Act, 2021.
Scott Zickefoose, Keiter transaction advisory and tax partner, shared his insights on the updated PPP program, qualifications, and the application process for small businesses including restaurants, hospitality, and retail that have been impacted as a result of the pandemic.
Which borrowers qualify for additional Paycheck Protection Program loans
Modifications made as a result of the most recent legislation
Ways borrowers can prepare ahead of applying for the second draw of PPP funds
This webinar was recorded from a live webinar on December 30, 2020.
Update January 7, 2021
Clarification: The extension referenced on slide 26 relates to the payroll tax deferral that Trump authorized earlier this year, not the payroll tax deferral originally authorized by the CARES Act. This allowed an employee to stop paying Social Security, but then had to pay it back in the first quarter of 2021. They now allow the employee to pay it back by December 31, 2021, instead of April 30, 2021.
The information contained within this article is provided for informational purposes only and is current as of the date published. Online readers are advised not to act upon this information without seeking the service of a professional accountant, as this article is not a substitute for obtaining accounting, tax, or financial advice from a professional accountant.