AAFCPAs would like to make clients aware that the US Small Business Administration and Treasury Department released their revised Borrower Application as well as their newest application form for the Second Draw, commonly referred to as PPP2.
As a reminder, to be eligible, your organization must have a 25% or more decrease in gross receipts from any quarter in 2020 to the corresponding quarter in 2019. Read more about the Major Updates to the Paycheck Protection Program.>> The application will remain open until March 31, 2021, or until funding runs out.
AAFCPAs encourages clients to review quarterly gross receipts as soon as possible to determine eligibility. We also advise clients to review your comfort with the necessary representations, authorizations, and certifications your authorized representative would need to certify to apply for these loans. These certifications are found on Page 2 of the Application form and Page 2 & 3 of the Second Draw Application.
AAFCPAs’ COVID-19 Task Force will continue to provide guidance and valuable insights as more information becomes available about the PPP and other financial relief programs. If you have any questions, please contact your AAFCPAs Partner.
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