Dallas Platinum Partners LLC

Self-employed individuals who file Schedule C may use gross income instead of net income when applying for PPP loans, either first or second draw. As of today, already-funded loans cannot be adjusted, and the application period ends on March 31st... CLICK BELOW TO READ MORE:

PPP borrowers can use gross income, SBA rules - Dallas Platinum Partners The following is an excerpt from an article by Jeff Drew, Senior Editor, published in the Journal of Accountancy on March 3, 2021. Self-employed individuals who file Schedule C may use gross income instead of net income when applying for PPP loans, either first or second draw. As of today, already-f...

PPP Round 2 is Here!

The SBA has announced a second round of PPP loans. SBA Administrator Jovita Carranza says “A second round of PPP could not have come at a better time, and the SBA is making every effort to ensure small businesses have the emergency financial support they need to continue weathering this time of uncertainty.”

Second round PPP applications differ from the first round, and there are separate forms and requirements for first-time and second-draw borrowers.

PPP loan forgiveness applications have also been revised, and Form 3508S now applies to loans less than $150,000 (versus $50,000 previously) for firms without affiliated PPP-recipient entities. A new Form 3508D for controlling interest was issued in addition to the prior Loan Necessity Questionnaires.

You can view the consolidated forms and instructions on our site:

https://dallasplatinumpartners.com/resources/

We can help with your PPP loan application, loan forgiveness application, and with access to other SBA funding options. Contact us today for a free 15-minute initial consultation.

https://dallasplatinumpartners.com/contact-us/