What are the dates for the PPP program?

On March 30, 2021, the PPP Extension Act, which extends the Paycheck Protection Program until May 31, 2021, was signed into law. The PPP Extension Act gives applicants two additional months to apply for a first draw or second draw PPP loan and gives the SBA until June 30, 2021 to process loan applications.

What is a Schedule C for PPP?

An Applicant that files an IRS Form 1040, Schedule C, and elects to calculate the PPP loan amount using gross income must use this form. An Applicant that files an IRS Form 1040, Schedule C, and elects to calculate the PPP loan amount using net profit must use SBA Form 2483.

Do I need a Schedule C for a PPP loan?

If you are an owner with employees, your PPP loan would be equal to Gross Income on Schedule C, Line 7 plus compensation, health benefits, and retirement costs paid to your employees (payroll costs).

When should I apply for PPP forgiveness?

It’s recommended you apply for forgiveness before you need to make your first PPP loan payment. Here’s why. PPP loans have a covered period of 8 to 24 weeks after the funds hit your bank account. Once that covered period ends, your loan payments are deferred for 10 months.

How is the new PPP loan calculated?

You’ll use your gross income—not your net income—to calculate your PPP loan amount. Take your gross income (not to exceed $100,000), divide it by 12, and multiply that number by 2.5 to get your loan amount.

How much can you get on a PPP loan?

Your maximum PPP loan amount will be 2.5 times your average monthly payroll costs, up to $10 million. You can only receive one PPP loan, so if you apply for a PPP loan you may consider applying for the maximum amount you are eligible for.

What are the tasks of the PPP program?

Tasks include help with activities of daily living (ADLs) and with household duties essential to the patient’s health and comfort, such as bathing, dressing, meal preparation, and light housekeeping.

When does the SBA PPP loan program end?

SBA is currently offering PPP loans until March 31, 2021. President Biden announced program changes to make access to PPP loans more equitable. 1. Find a lender:

Who is the FI for the PPP program?

PCG Public Partnerships, LLC (PPL) is the fiscal intermediary (FI) for the PPP, and is responsible for handling payroll responsibilities, acting as a bookkeeping service, processing time sheets and issuing paychecks to your workers.

Who is eligible for a first draw PPP loan?

First Draw PPP loans: If you have not received a PPP loan before, First Draw PPP loans are available to you. Second Draw PPP loans: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan. SBA also offers additional COVID-19 relief options.