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PPP Loan Update – Second Draw Application!



In this video, I talk about the PPP Loan Second Draw Application! The Department of treasury released the 2nd draw application last week (link below) as well as an IFR. I will make another video on the IFR and the things that were discussed there regarding how gross receipts are calculated, but this one is based on some more specifics regarding the PPP 2nd draw.

PPP 2nd Draw Application:

PPP Recent Interim Final Ruling:

Bill Text:

#PPP #stimpak

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This video is for entertainment purposes only. The information portrayed in this video should not be considered as tax or legal advice. Consult with your own tax professional and attorney to get proper advice for yourself.

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21 Comments

  1. We offer grant for disability,individual and personal loan for those affected with the pandemic of covid19

  2. Can you tell me how the process works? Is step 1 we apply with a bank? Do we apply on SBA site first second or do we even apply at SBA site? I’m confused on how to apply. Please advise thanks

  3. HI, I didnt apply for the PPP first draw. You mentioned I can still apply for the first draw this time too. Which form can i use? Is it on the same website? Thank you so much in advance.

  4. Thank you so much for new info always!!
    franchise business we have financial statements every month so tells income each month made
    My question is 25% of between

  5. hi Nguyen,im first time ppp loan drawer, where can i apply the loan ? they said able to apply jan 11, but all the bank application are not accepting application yet, Could you pls mention which lender are accepting application for first time borrower?

  6. I’m an independent contractor with a insurance income and a ride share income.
    Do I need to apply separately for both or just include them together
    The reason I ask is because there’s on room for one industry under the NAICS

  7. For those who need to a first PPP agreement did you produced a step by step who to video?

  8. Can we use this new money to pay for utilities? Is the percentage the same as last year? I believe it was 60/40….your video did not talk about this at all.

  9. Hi Nguyen,
    My business is sole proprietor and establishment since November 2019. I pay W2 for 15 employees and myself because I work as an employee at my salon. And last year my profit got $10,000 for 2 months. I heard you said that monthly payroll is included owner profit? For average monthly payroll, should I add my monthly profit ?
    Thank you for posting this video. I hope you can reply me.

  10. I am an independent contractor 1099. I received PUA and FPUC for 4 months during 2019. I am planning on applying for PPP 2 and to use my 2019 and 2020 tax return to show 25% reduction. My total income with UI benefits would not reach the reduction threshold for forgiveness. My question is will the PUA/FPUC benefit received count against my reduction calculations on my schedule C?

  11. If a corporation is recently suspended from California FTB, but currently in revival status, would the lenders run a entity check to make sure you are within good standing before obtaining a loan ? Are suspended corporations eligible? I am going through the same lender as my first round, so the verification process is far less paperwork

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