Paycheck Protection Program Second Round? What We Know Now
There has been a lot of media coverage regarding additional stimulus packages and a second round of Paycheck Protection Program funding (PPP2). No legislation has been enacted and no applications can be submitted, at time of release of this article.
What we do know
If a bill passes, it will likely be more targeted then the first round of PPP. There is speculation businesses will need to report reductions in revenue greater than 25% to 35% and have less than 200 employees.
What can you do?
Be proactive. Are your accounting books and records up to date? If you expect you will have a revenue reduction compared to prior years or be close to the 25% to 35% reduction, update your accounting records. This will allow you to quickly determine if you will qualify once a bill is enacted and guidelines are released.
KRS professionals are available and happy to assist with loan and grant applications. Visit the KRS Coronavirus Resources Page for additional information. Please contact us if you have any questions, concerns, or need advisement during this unprecedented time.