January 8, 2021
Dear WZ Clients, Business Associates and Friends,
SBA Issues Interim Final Rule on Paycheck Protection Program as Amended by Economic Aid Act and Interim Final Rule on Second Draw Loans.
PPP Program as Amended by Economic Aid Act
Interim Final Rule on Second Draw
Further guidance and clarification still to come. Loans could be available sometime next week.
The Second Draw Process will require the borrower to submit an application using form SBA Form 2483-SD – which is not yet available. For loans over $150k, you must submit documentation to prove at least a 25% decline in revenue. You can choose any calendar quarter in 2020 to compare with the same quarter in 2019 or compare the total annual receipts in 2020 to annual receipts in 2019. Loan amounts can be calculated based on either calendar year 2019 or 2020 payroll costs.
We will provide more information as it becomes available.
AS ALWAYS, WAGNER & ZWERMAN IS HERE TO ANSWER ALL OF YOUR QUESTIONS AND CONCERNS. WE ARE ALL IN THIS TOGETHER.
STAY SAFE AND HEALTHY
** IF YOU HAVE MISSED ANY PREVIOUS WZ COMMUNICATION IN REGARDS TO COVID-19, PLEASE REFER TO OUR WEBSITE
Best,
WZ Partners
