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PPP Application Forms Released

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 Brittany Besler, MBA, CPA, Esq. at 774.512.9001, bbesler@nullaafcpa.com; or your AAFCPAs Partner.

About the Author

Brittany Besler
Brittany possesses a unique combination of tax, legal, and business backgrounds, and is a valuable member of AAFCPAs’ Tax practice. She provides tax planning, research, and compliance solutions for corporations, partnerships, nonprofits, individuals, estates & trusts. Brittany advises businesses and individuals on various federal, state, local and foreign tax-related issues, including counseling clients on the consequences of new and updated tax laws. She assists clients in the creation of appropriate and optimal organizational structures, and advises on tax planning and tax exemption compliance. She advises newly-formed and well-established nonprofit clients on meeting compliance requirements of various government agencies, including the IRS rules on fundraising and political activities.