Paycheck Protection Plan 2nd Round Made Simple with the Help to Submit PPP Round 2 / 8 Min Video

The Paycheck Protection Plan (PPP) Second Round QUALIFICATION • Sole proprietors, independent contractors, and self-employed individuals who have no employees at the time of the PPP loan application and did not include any employment salaries when computing the average monthly payroll in the borrower application form, automatically qualified to use the loan forgiveness application. For sole proprietors or independent contractors with no employees, the maximum possible PPP loan is therefore $20,833, and the entire amount is automatically eligible for forgiveness as owner compensation share. • Borrower must demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020