We hope you and your colleagues are staying safe practicing social distancing. Team Rapidly wants to provide an update and resources to help US business owners through these uncertain times as we continue through the COVID-19 pandemic.
Paycheck Protection Program Updates
The second wave of Coronavirus relief for businesses was passed on December 27, 2020, named the Economic Aid To Hard-Hit Small Businesses, Nonprofits, And Venues Act. This act includes additional provisions for the Paycheck Protection Program (PPP) that was debuted with 2020's earlier CARES Act.
Paycheck Protection Program (PPP) loan applications will be reopened for businesses that have not yet received assistance, and second draw applications will be opened for businesses that did receive assistance from the first round.
There are additional expansions for the 2021 PPP loans, including further eligible expenses and additional eligible business types. Both first-time and second draw PPP will still be eligible for full loan forgiveness if over 60% of the funds are used for payroll expenses.
Tax and Accounting Consulting for PPP Loans
If you are interested in finding out more about your eligibility as a first-time or second-draw PPP recipient, we highly recommend consulting with a licensed tax and accounting professional on the Rapidly platform. An industry professional can guide you through the eligibility and application process, and help you to understand future tax implications for your business returns.
Simply create your Rapidly for Business account, submit your service request, and get matched with your tax and accounting pro.