PPP Round 2 Update

Answer these questions to see if you qualify for PPP Round 2:

• Did your quarterly or annual gross receipts in 2020 as compared to 2019 drop by more than 25%?
• Do you have less than 300 employees (500 for hotels and restaurants)?
  • NOTE: For businesses with multiple locations, not more than 300 employees per physical location
• Have you used or will use full amount of first PPP loan draw?

If you answered “Yes” to all of these questions, then you may be eligible for PPP Round 2. The last day to apply is March 31, 2021.

In response to the passage of the Consolidated Appropriations Act, 2021, on January 6, 2021, the SBA released an 82-page interim final rule (IFR) that consolidates the prior guidance applicable to PPP1 and a 42-page IFR discussing the additional rules applicable to PPP2.

We’d here to assist and guide you!

Give Kelly O’Farrell a call at (320) 214-2959 to discuss your situation. The CDS team is here to help.