The Paycheck Protection Program (PPP) has been reopened for first time borrowers and now offers certain borrowers a second bite at the apple. Are you eligible for the Second Draw PPP Loan? What can the funds be used for? Discuss eligibility and how your business will be impacted. Jo Ann Koontz, Jackie Durham (Koontz & Associates, PL) and Marina Parkin (Koontz & Parkin, CPAs).
1:30 New PPP Requirements, terms and restrictions for second draw borrowers.
2:59 Simplified application for first draw and second draw.
5:07 Borrower application are being audited. **Importance of documentation**
10:06 Terms for second draw PPP loan.
11:13 Eligibility for second draw of PPP loan.
17:49 Who is not eligible?
19:50 Certifications for second draw.
23:00 Maximum loan amount.
27:13 "Payroll Costs," what's included and excluded.
28:54 Documentation required to apply for second draw of PPP.
31:08 Applying for second draw while dealing with unresolved issues from first draw.
31:59 Forgiveness for second draw.
36:27 Permitted use of PPP funds.
42:30 Violations for unpermitted use of PPP funds.