Costs related to property damage due to public disturbances that occurred during 2020 that are not covered by insurance. Payment for any software, cloud computing, and other human resources and accounting needs. Makes the following expenses allowable and forgivable uses for Paycheck Protection Program Funds: For loans no more than $150,000, the entity may submit a certification attesting that the entity meets the revenue loss requirements on or before the date the entity submits their loan forgiveness application and non-profit and veterans organizations may utilize gross receipts to calculate their revenue loss standard.No loan can be greater than $2 million.
#Payroll protection program code
#Payroll protection program full
In order to receive a PPP Second Loan Draw, eligible entities must: (1) employ no more than 300 employees (2) have used or will use the full amount of their first PPP and (3) demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter.Paycheck Protection Program Second Draw Loans Below is an overview of the terms of the PPP Second Draw Loan. The bill, among other things, creates a second loan from the PPP called a PPP Second Draw Loan for smaller and harder-hit businesses. Now, Congress has passed a second Stimulus Bill called the Coronavirus Response and Relief Supplemental Appropriations Act which is on President Trump’s desk for signature. Such loans may be eligible for full forgiveness if used for payroll and other business expenses and all other statutory requirements are met. The CARES Act created the Paycheck Protection Program (“PPP”), which amended the Small Business Act (“SBA”) to provided short term loans to companies with fewer than 500 employees and other companies (such as those in the Accommodation and Food Services Industry).