The second round of PPP (Payment Protection Program) is opening this week.
Special guest Heather Palmer of HK Accounting and Bookkeeping joins me to talk about money and your business!
If you are a small business owner, then money has crossed your mind on several occasions. How to make it, save it and spend it!
Two hot topics right now include:
- The second round of PPP loans
- Making sure you’re tax ready
As a small business owner, the chances are that your business has most likely been impacted by COVID-19. This week, the second round of PPP (Payment Protection Program) opens up for small business owners to access financial help due to this pandemic. A few common questions include:
How do I know if I qualify for the new round of PPP?
According to the legislation, to qualify for a second loan (or a first), business owners have to prove:
- The business was operating before February of 2020.
- The business has fewer than 300 employees.
- Your gross income must have dipped 25 percent or more from any quarter in 2019 to 2020.
If I already received a loan in the last round, am I allowed to apply for a second one?
Yes. If you previously received a PPP loan, you can reapply for another one as long as you meet the qualifications.
When is the deadline to apply?
The deadline to apply for this latest round is March 31.
How are the rules different this time?
Previously, loans were capped at $10 million. Now, the most a business can receive is $2 million.
We are also talking about making sure you are taking advantage of tax breaks that small business owners are eligible for.
- Are you taking the right write-offs?
- What if you have a home office?
- Should you lease or buy a car? Which benefits you more?
Watch or listen on Apple Podcasts to today’s interview.