PPP2 Overview
As COVID struck last year, event businesses saw as much as a 90% loss in revenue. The first round of Paycheck Protection Program (PPP) funding was somewhat helpful but the abundance of event cancellations and postponements meant there was no need to keep employees around.
Now the U.S. government has opened up another round of PPP funding that seems like it's uniquely positioned for those in the events industry, who have other expenses to cover, in addition to Payroll.
Here's a quick look at who qualifies for the PPP2:
Want to learn more?
Keep Scrolling or book a time on the calendar to talk with our PPP2 Specialist! You can also give us a call right now at 888.991.2365
While we've never been in accounting, we're keeping up with the latest from the SBA and are working to ensure that you have all the information you need to have an informed discussion with your CPA and banker.
PPP is a US government loan incentive program to help small businesses recover from COVID-19.
The program is only available to small businesses applying at community financial institutions (CFIs). These lenders provide funding for small businesses in underserved communities, including minority-owned businesses that had a hard time securing funding during the initial round of PPP lending. CFIs include Community Development Financial Institutions (CDFIs), Minority Depository Institutions, Certified Development Companies, and microloan intermediaries.
YES! The field will not be as crowded as last time, since this round is limited to companies who really need it. (They’ve really geared this round to small businesses who didn’t qualify last time).
Great! You still can qualify for this loan. (And you have a leg up on the process).
Yes! There’s a specific formula that is calculated based on profit from your Schedule C. Keep in mind that if, in 2019, you tried a smart tax play of reducing your profit to the max, you’ll qualify for less.
NOW! Applications are open January 11th - March 31st. The sooner the better.
If you have an accountant, they will definitely be able to assist you with forms and your application. We recommend setting up an appointment with your money guru while applying. However - the government has simplified down the application for businesses getting less than $150k. Forms needed will vary by business - but rest assured your accountant will have everything you need to apply.
You can choose between an (8) week period, and a (24) week period.
Curate is a cloud-based software that helps you manage your business. For the second round of PPP, cloud-based softwares are included as part of the allowed operating expenses. Up to 40% of the loan you are given can be operational expenses, including cloud based software. So, if you qualify for the loan, your Curate services could be 100% covered.
Check out these links for additional information.
Curate Blog Post: PPP2 for Florists
Curate Blog Post: PPP2 for Caterers
This was written by Curate’s team after investigating the info about PPP2. It has FAQ’s, and lots of great info for Event Companies.
General Tips about the PPP Loan - including Qualifying Expenses, Deep Dive into Operating Expenditures, what they are, and how they affect you, How to apply for loan forgiveness, and additional general information.
US Treasury Forgiveness Facts Sheet
Step by step instructions on how to apply for PPP2 Loan Forgiveness.
Gives general qualifying information about PPP2, and PPP1, including expanded information for small business owners.
Anything and everything you need to know about PPP2 - there are over 100 links on this page to guide you through the process.
Includes all the resources you need to check on your qualifications, including calculations for self-employment, assistance for companies with/without employees, etc. If there’s any part of your business that your tax professional says is “not a normal part of a company” - this is the link for you.
General FAQ Questions about timing, who can apply, etc.
This is the interim rule on the Treasury Website about qualifications. Please review this with your accountant, attorney, tax professional, or financial advisor.