On January 19th the SBA and Treasury issued an 18 page document detailing how PPP borrowers should calculate revenue deduction and maximum loan amounts for second-draw PPP loans. As an integrated financial services firm with decades of expertise in tax planning, we partner with small business owners in order to deliver tax planning that reduces client’s liabilities and maximizes savings.
As we have helped navigate the Paycheck Protection Program for our clients, the following questions have become focal points for Second-Draw PPP Loans;
What are “gross receipts” for the purpose of determining eligibility for a Second Draw PPP Loan?
What documentation do I need to provide to corroborate that my entity sustained at least a 25 percent reduction in gross receipts?
How is the maximum Second Draw PPP Loan amount calculated for S corporations and C corporations (up to $2 million)?
How do partnerships apply for Second Draw PPP Loans and how is the maximum Second Draw PPP Loan amount calculated for partnerships (up to $2 million)?
I am an LLC owner. Which set of instructions applies to me?
Reach out to the experts at The Sharp Financial Group with your pain points, questions, and concerns – or even for a second opinion. Now more than ever, it is essential to have the right partner in your corner to expedite this process with your business' viability as a top priority.