Are you eligible for PPP2? Get Ready! {Free download for gross receipts test spreadsheet}

See Spreadsheet HERE: https://claracfo.podia.com/ppp-budget...

The $900 Billion stimulus bill has now been signed by the president, and we are planning for more PPP loans and more PPP money. "PPP2" as we are affectionately calling this next round basically the same once you get it, but the eligibility for these loans is more stringent than the first.

Some big questions people are asking now:
Am I eligible for more money? - MAYBE! Watch the video to see if you are eligible for PPP2
Can I get more PPP money?
Yes, you can get a second loan if you got a first.
Do I need to apply with the same bank that gave me my first PPP loan?
No, it doesn’t have to be with the same bank.
Do I need to have applied for forgiveness already on my first loan?
No, you don’t have to have already applied for forgiveness on your first loan in order to apply for a second round.
For those of you who DIDN’T get a first loan, you are eligible to apply for a loan under the original rules - so you do not have to prove the decline in revenue like second round borrowers do.

For round 2 borrowers - need to prove a 25% decline in revenue on any ONE quarter of 2020 from 2019. See Spreadsheet HERE: https://claracfo.podia.com/ppp-budget...

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Hannah Smolinski is a #CPA and the Founder of Clara CFO Group.

Find out more about Clara CFO Group at https://claracfo.com/

Disclaimer: This video is intended for educational 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. Clara CFO Group, LLC 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.