Highlights of Round 2 of the Paychex Protection Program

Highlights of Round 2 of the Paychex Protection Program

Hot off the Press….are Highlights of Round 2 of the Paychex Protection Program including:

-Expanded list of covered expenses including software that facilitate business operations and payroll processing fees.

-Ability to obtain a 2nd PPP Loan based upon the “necessity requirement” requiring borrowers to certify “current economic uncertainty makes this loan request necessary to support the ongoing operations…”.

-Eligibility for PPP Round 2 Funding are based upon business with a 25% revenue decline in any 2020 quarter compared to the same quarter in 2019.

-Covered expenses paid with PPP borrowings are now tax deductible and not taxable income.

-Ability to select either an 8 or 24 week reporting period for Round 2 PPP Loans.

-EIDL Advances will not reduce PPP loan forgiveness with guidance expected soon on how to amend your forgiveness application if your EIDL Advance has already been deducted from your Forgiveness Application.

To Learn More https://www.natlawreview.com/article/paycheck-protection-program-round-2-highlights