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PPP 2.0

PPP 2.0

PPP instruction

​Any questions please call 888-239-1033, or email wecare@essencap.com

  • Please find attached 2nd round of PPP Loan application.

  • In order to qualify for 2nd round of PPP Loan, applicants must demonstrate that Gross Receipts in any quarter of 2020 were at least 25% lower than the same quarter of 2019.

  • Maximum loan amount will be 2.5 times of Average Monthly Payroll unless subject business’s NAICS code starts with ‘72’.  If NAICS code starts with ‘72’, then Maximum loan amount will be 3.5 times of Average Monthly Payroll. 

  • Average Monthly Payroll can be calculated based on 2019 or 2020 monthly payroll.  Applicants can use payrolls of 12 months period prior to when the loan is made.

  • Here is the list of documents to be collected;

          1.      Paycheck Protection Program Second Draw Borrower Application Form (attached)

          2.      Payroll Documents (see additional rule)

a.      Form 940, 941 or W-3

b.      W-2

c.      Other forms of payroll supporting documents

          3.      Addendum A & Affirmation (attached)

a.      #1, & #9 can be ignored.

          4.      Driver’s License

          5.      25% Gross Receipt reduction documents (see additional rule)

a.    Relevant Tax Forms, or

i.     Sales Tax Receipt, or

ii.    2019, & 2020 Tax Return (if comparing annual gross receipt instead of the quarter), or

iii.   Other tax forms

b.      Quarterly financial statement, or

 

c.      Bank statement

 

  • Additional Rules;

    • For loans of $150,000 or less, the 25% Gross Receipt reduction documents are not required to apply for 2nd round of PPP loans.  However, these documents must be submitted on or before the date the borrower applies for loan forgiveness.

 https://www.naics.com/search/