A reminder that I will be online on Zoom for free office hours at 2pm EST on Friday. Sign up below.
Also, a quick round-up of updates:
If you are waiting to apply for your PPP#2 in order to maximize your ERC credits, there are still plenty of PPP funds available. As of Monday, SBA has approved $126 billion in loans in this cycle, out of $284 billion available.
I’ve now heard that PPP#1 loan increases are finally going through. If your bank is stalling, time to push harder. (One note, it seems banks are just dividing 12 weeks by 3 to get your average monthly base amount. That oversimplified calculation is less generous than we hoped it would be).
You all should know that ACA is actively lobbying for camps on various issues surrounding the PPP loans, including allowing second draw loans to move forward with an assurance that first draw increases can be completed after a second draw, and allowing summer seasonal businesses to pick a 24-week coverage period that will include their full summer season on second draw loans. I’ll keep you posted if there are any changes on this front.