There are still many unknowns when it comes to the second round of the Paycheck Protection Program (PPP).
To get some clarity regarding version 2 of the relief measure, Engineering News-Record recently interviewed attorney Bill Durr. The Asheville litigator has written extensively about PPP and provided some insight into how it could work this time around. The publication quoted Durr as saying "that the loan amount may be up to 2.5 times the average monthly payroll costs in one year prior to loan application or the calendar year. There will also be a continuation of the previous 60/40 allocation between payroll and non-payroll costs in order to receive full forgiveness."
The article, titled "How the Paycheck Protection Program Loans Differ in Round 2," also answers eligibility questions. From the article:
Durr notes that some firms returned all or part of their initial PPP loans, but those firms will be allowed to reapply.
“Do not let this opportunity pass you by,” he says. “Take the time to reconsider, review and re-analyze your eligibility in the context of current SBA rules and guidance.”
Although many lingering questions have been answered in the revised program, Durr says Congress tasked SBA with providing more detailed guidance.
“I am hopeful that the SBA will draft new and additional rules and guidance with a heightened level of thought and precision, to reduce the struggles and frustration our clients experienced with the first round's rules and guidance.”
To read the entire article, visit https://www.enr.com/articles/50949-how-the-paycheck-protection-program-loans-differ-in-round-2.