The New PPP Program: What You Need to Know

The Paycheck Protection Program, recently unveiled as part of the federal stimulus package, is underway. Coops (although not condos) are eligible. Watch a recap of the Zoom call with Argo’s Controller, Richard Apell for a thorough discussion of the PPP program.

Requirements, Eligibility, and Submission:

PPP Loan Overview and Submission Document

Time Stamp:

1:24 – Intro to PPP Program and who qualifies

7:30 – Certification for application

8:30 – Applying for a 2nd draw requirement

10:10 – Are you eligible?

10:47 – What is the process for applying?

14:16 – How does a building receive the money?

14:39 – Turnaround time for approval

17:00 – Question: When is the filing period open and is the loan forgiveness similar to the 1st PPP loan and what is that process?

19:26 – Question: When will the board be proved the amount of the loan?

21:11 – Question: In the unlikely event that a loan will not be forgiven, are the terms 5 years and 1% interest?

22:32 – Question: Is Argo charging a fee?

23:02 – Question: Payroll expense and bonuses

25:28 – Question: Are housing accommodations considered a benefit that can be calculated in the application?

27:37 – Question: Should the money be put in the operating account or can it be put in reserves?

29:00 – Question: If the difference in rental income between 2019 and 2020 is less than 25%, is this an automatic disqualification for the 2nd draw PPP loan?

30:13 – Question: Don’t you have to use the money before forgiveness?