#PAYPAL PPP LOANS APPLICATION HOW TO#

Here is a copy of the power point slides. Although you are not required to fill out this section before applying, I urge you to do so because you will have to show documentation of your numbers before you will be able to receive forgiveness.

#PAYPAL PPP LOANS APPLICATION HOW TO#

Note: In the video I explain how to fill out the section in the application form dealing with the 25% reduction in your gross income. Here’s an instructional video to help you. In addition, you must have been in business by Februto be eligible for the First or Second Draw. Instead, you are eligible for the Second Draw as long as you have spent the full amount of your 2020 PPP loan by the time you receive the Second Draw funds. If you did receive a PPP loan in 2020, you are not eligible for the First Draw (with the above exception). You are also eligible for the First Draw if you got money from the PPP in 2020 but did not receive forgiveness by Decemand returned some or all of this money, or didn’t accept the full amount you were eligible for. You are eligible for the First Draw if you did not receive a PPP loan in 2020. In general, if you received a PPP forgivable loan in 2020, you are eligible for the Second Draw, not the First Draw. There is some confusion about whether you can apply for the First Draw or the Second Draw. The SBA offers two forgivable loan programs under the Paycheck Protection Program (PPP): the First Draw and the Second Draw.

Paypal ppp loans application