NEW Second PPP 2 Loan Application is Out in SBA Website | Form 2483-SD

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Freedomtax Accounting
Published at : 11 Jan 2021
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SBA releases the new second PPP loan 2 application form via their website January 8th. It provided more info on how to apply for the PPP 2 and more changes on the PPP 2.0 application form 2483SD.

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LINK TO SBA DOCUMENTS - https://www.sba.gov/document

LINK TO PPP SECOND DRAW LOAN APPLICATION FORM 2482SD - https://www.sba.gov/sites/default/files/2021-01/PPP%20Second%20Draw%20Borrower%20Application%20Form%20%281.8.2021%29.pdf

DISCLAIMER
This video is intended for education purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.

ABOUT
The US Small Business Administration and Treasury released borrower loan application forms Friday night for the rebooted Paycheck Protection Program (PPP), which will launch next week, initially for select lenders and borrowers before a broader opening takes place a few days later.

Form 2483-SD is a new form for qualified PPP borrowers to seek a second draw of a forgivable loan as they try to navigate economic seas churning in the throes of the COVID-19 pandemic.

Quick overview of PPP borrower application forms
The PPP borrower application forms released Friday contain instructions on how to calculate payroll costs consistent with the guidance provided on Wednesday. In general, first- and second-time PPP borrowers may receive a loan amount of up to 2.5 times their average monthly payroll costs (with a cap per employee of $100,000 annualized) in 2019, 2020, or the year prior to the loan. PPP borrowers with North American Industry Classification System (NAICS) codes starting with 72 (such as hotels and restaurants) can receive up to 3.5 times their average monthly payroll costs on second-draw loans.

The forms also outline adjustments to the calculations for seasonal businesses, new businesses, farmers and ranchers, and partnerships.

The maximum loan amount is $10 million for first-time borrowers and $2 million for second-time PPP borrowers.

PPP borrowers can have their first- and second-draw loans forgiven if the funds are used on the following eligible costs: payroll, rent, covered mortgage interest, and utilities, covered worker protection and facility modification expenditures, covered property damage costs, covered payments to suppliers and payments for business software or cloud computing services that facilitate business operations, product or service delivery, and a number of back-office functions, including accounting.

To be eligible for full loan forgiveness, PPP borrowers must spend no less than 60% of the funds on payroll over a covered period of their choice between eight and 24 weeks.

First time PPP loans are available to borrowers that were in operations on Feb. 15, 2020 and are from one of the following groups:

Businesses with 500 or fewer employees that are eligible for other SBA 7(a) loans.
Sole proprietors, independent contractors, and eligible self-employed individuals.

Not-for-profits, including churches.
Accommodation and food services operations with NAICS codes starting with 72 that have fewer than 500 employees per physical location.
Sec. 501(c)(6) business leagues, such as chambers of commerce, visitors’ bureaus, etc., and “destination marketing organizations” that have 300 or fewer employees and do not receive more than 15% of receipts from lobbying. The lobbying activities must comprise no more than 15% of the organization’s total activities and have cost no more than $1 million during the most recent tax year that ended prior to Feb. 15. 2020. Sports leagues are not eligible.

300 or fewer employees.
Used or will use the full amount of their first PPP loan on or before the expected date for the second PPP loan to be disbursed to the borrower. The IFR also clarifies that the borrower must have spent the full amount of the first PPP loan on eligible expenses.

Experienced a revenue reduction of 25% or more in all or part of 2020 compared with all or part of 2019. This is calculated by comparing gross receipts in any 2020 quarter with an applicable quarter in 2019, or, in a provision added in the IFR, a borrower that was in operation for all four quarters of 2019 can submit copies of its annual tax forms that show a reduction in annual receipts of 25% or greater in 2020 compared with 2019.

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