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:
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?