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well welcome back to the clara cfo group channel today we're going to talk about what's new with the ppp2 and what do you need to know before you apply for your second round loan your first or second round the ppp is about to open up again for borrowers who either are getting their first loan for the very first time or those who are interested in the second draw and we're looking at the week of january 10th january 11th right now and borrowers are going to start accepting applications this week so i did a webinar last week for uh small business owners who wanted to make sure that they got their correct amount calculated for their ppp loan uh because you know it's based on average payroll costs and then we do two and a half times average payroll costs to get to the correct amount but there's a lot of new stuff that's come with the new economic aid act we've also got additional payroll costs we've got some other things that um we need to take into consideration in order to qualify and calculate the very maximum amount that we can get for our ppp loan so i'm bringing you a clip from that webinar that i did last week and if you are interested in listening to the entire webinar along with getting calculation worksheets to figure out exactly how to calculate your loan um based on tax status so i have uh spreadsheets for schedule c schedule f filers partnerships s corp c corps basically everybody's covered here i have a spreadsheet that's available for download along with the replay of the full webinar q a session and then resources and links for you directly along with the gross receipts test to determine whether or not you're eligible for the loan so if you're interested in that i will put the information for that in the description box below so you can check that out um but here is the information that you need to know before you apply for your ppp loan okay so what are the big things in ppp2 um one of the one of the big things is that specifically talking about applying for the loans applying for a loan under 150k is a little bit easier remember that revenue test that we just talked about that revenue test you can just certify to it if you have a loan under 150k you can just certify to the fact that you meet that revenue requirement and you don't have to prove it right there at application i think the whole reason they did that is because they knew that some of these smaller businesses were going to have a hard time pulling together that documentation and proving it out to the bank so what they're saying is they're saying yes you do need to give us documentation but not right now okay my my saying is say i'm going well you're gonna need to know whether or not you actually meet that 25 so you're gonna have to do some preliminary work to kind of like cobble it together in some way to make sure that you can you you know now you might have a very very obvious case of like no hannah i was closed from april to june and i made no revenue i know i know that i i did not make any money and i did make money the prior quarter then you can go ahead and certify to that application no problem and then you can start piecing together your documentation down the road okay so they are making it so you don't get stuck and you know this money is first come first serve so they don't want you to miss out because you can't pull together your documentation that's my assumption of why they are allowing that um the next thing is that they've added some additional payroll costs so they've added specifically that now you can include disability insurance life insurance for your employees disability life and then they've specifically mentioned dental and vision i had always assumed that those were included in health insurance but they have made it very um verbally clear or actually written it in vision dental life and disability are now included all right so i think that is pretty helpful um that's going to help us too because if you have any of those costs we can make sure to include them in payroll costs when we're doing our initial calculation all right okay the next thing is that for anybody who's in an naics code 72 that is people providing hospitality like food service and lodging if you're in food service you know basically restaurants and hotels you probably are an naics code 72 if you are in that realm you can apply for more money you can apply for three and a half months of your average payroll costs rather than two and a half months of average payroll costs and so i've included that in the spreadsheet as well because that is a really big one and i want to make sure that anybody who is can take that gets that one okay all right um okay and then schedule f filers so that we probably don't have any farmers on this call but there might be someone who watches it afterwards that's a farmer so i don't want to i don't want to miss this one um schedule f filers are allowed to use their gross income as a basis rather than their net income as their basis for calculating their loan so i have updated that in the spreadsheet as well and we'll talk through that um the last thing which you probably all know about by now but it's a big big big deal is that the taxability of the ppp and the e-ideal grant have been clarified you now are the basically ppp and eidl grant have no tax effect that has been written into law we don't need to worry about the irs coming back later and saying never mind we are going to we are going to tax that money um so that was a big concern especially right now because it's january 6 and people are trying to make their year-end estimated tax payments and now we know it's not taxable income neither is the eidl grant and also you're able to deduct those expenses if you've used that money so just no tax effect on ppp so that's really good too as we're planning for the next round you know you can plan that into the fact that you don't have to worry about taxes for that i've updated my spreadsheet on my website for that as well all right well i hope that information was super helpful to you remember that when you're going to apply for your ppp loan that you have the option of using either your 2019 or your 2020 data when you go to calculate your average payroll cost so that's just another little tidbit to try to help you make sure you maximize your ppp loan all right so make sure you subscribe to the channel if this video was helpful to you please give a thumbs up because that helps me and it helps more people get this type of information and get the help that they need all right thank you so much bye