Second round of PPP open, what you need to know

Second round of PPP open, what you need to know

WICHITA FALLS, Texas (TNN) - For small businesses struggling through the pandemic, relief could be on the way soon.

There are certain requirements, though, businesses will have to meet before applying.

The first comes with determining if you’re even eligible to apply.

“how you do that is you need to look at your financial performance quarterly in 2020,” Walter Lumbart with the Small Business Development Center at MSU Texas said, “and compare that to the same time frame of 2019.”

The golden number you’re looking for is a decrease in 25-percent of your gross receipts.

If you’ve hit that 25-percent, then make sure you’re still not using money received the first time you got a PPP loan.

“So long as they’ve used all of the money by the time they get the second bite of the apple,” Calvin Davis with the Small Business Association, said.

If you never received money or applied for the first round, round one is back open.

There are also banks right now that are not participating in this second round of PPP and might not be for a few more weeks.

If you are navigating what’s available to you in this next round, Lumbart said the best thing you can do is get help.

“Talk to a CPA,” he said, “talk to a tax professional because this stuff is complicated.”

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