Now that specifics are out for the second Paycheck Protection Program (PPP) round, there are some important things you need to know. One is the 25% loss in receipts rule.
As COVID-19 rages on, there are additional relief packages being considered in the Senate. Among them are The Health, Economic Assistance, Liability Protection and Schools (“HEALS”) Act and the “HEROES ACT,” short for the Health and Economic Recovery Omnibus Emergency Solutions Act.
It was only a matter of two weeks before funds were depleted in the first round of the PPP loan program. Outside of the alleged mishandling of loan applications by some large lenders, and companies with substantial resources receiving funds, some small businesses had a hard time applying for the government assistance.