P. P. Lum, Patricia Gentile, Attorney At Law discussed on The Frankie Boyer Show
Don't do not exceed 150,000. But the FDA hasn't released that new simplified one page application yet, Okay, that's for those who that's okay, So if we have not done The application for forgiveness. We are still eligible for the new second, um, draw P p. P. Lum to be reading my mind of this. The next thing I was going to talk about is the fact that you are so there Have. The next thing was that you must in order to even qualify. So here we are with qualifications in order to even qualify to apply for a second draw alone. You must have had received Tpp Long PPV loan in the first place. You have two. However, you do not have to a supply for forgiveness by now, on the first long you do not have to because the law says that You have can months to apply for forgiveness on that first draw long 10 months from the date the covered period ending date and the cover period of your P P p lungs going to be the data dropped. The proceeds dropped in your bank. Theo 24 weeks later. At your covered period of using the P P. P funds and you have 10 months at the end of that covered period to apply for forgiveness on that one. However, here's here's a little flip side to that. I'm waiting. Yeah, Yeah, yeah. You must have used all this money in your covered period or By the time you apply. Excuse me, By the time you apply that you must have used all the money by the time you have applied for the second draw or have a good faith, reasonable belief that you will use all the money. By the time you apply for the second round, Okay, So there's always a little you know a little with about these things, but I have to say I have to say for us procrastinators. This was very this is very good news if you haven't filled out The forgiveness, paperwork and you've spent the money or a good shape for once, Right? Right. There you go. So it's very important that people also know that there are expanded rules for costs. Now that you can use The first draw or the second drop tpp money for and there's also means on. Tell me what you what That means. What does that mean? Patricia base the original cause. Were 60. You had to use at least 60%. Of your of your p p p long money towards payroll costs. And the calculation is the same. On the second draw application is it was on the first, however. All right, man, I'm gonna I'm gonna hold you at the whole, however, because we have to take a break and we'll give you the second part in just a moment. We'll go over all of it. Not to worry. Patricia Gentile is with a C P a attorney at law. New England tax relief dot com and and always, you can reach her. At the phone number and go ahead and give out that phone number, Please. Patricia. 1 808 08388, and we'll.