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To Our Valued Clients,
 
As many of you know, the second stimulus bill was signed into law by the president on December 27th. A major provision of this was the funding of a second round of PPP loans for eligible borrowers. On Friday night, the SBA released their standard application, and applications will be accepted beginning Wednesday, January 13th . The criteria for eligibility for a PPP round two loan is as follows:
 
  • Your business has under 300 employees
  • You have or plan to use all funds from the first PPP loan
  • You have had a decrease in gross receipts/sales of 25% or greater in one quarter of 2020 compared to the same quarter of 2019
 
The following is what we will need from you in order to apply on your behalf:
 
  • Confirmation that you have used or plan to use all funds from the first PPP loan
  • The SBA loan number and exact amount of your first PPP loan
  • Documentation showing your 25% or greater loss in sales – acceptable documentation includes quarterly financial statements, bank statements, or tax forms
  • If your payroll costs were higher in 2020 than they were in 2019, we will need accompanying documentation. If this is the case for you, email michael@taxsense.com for more details.
 
Our fee for this service will be between $475-$950 depending on the complexity of your application.
 
If you are interested in the firm applying on your behalf, please send the requested information ASAP. The funds are limited and are first come first serve. You can upload required documentation to our secure portal at taxsense.securefilepro.com. Sign into your secure portal account and upload documents  in  “files to preparer” folder.  If you do not have a secure portal account, please use Guest Exchange.
 
Another source of funding available for businesses with losses in 2020 is the MA Sector Specific Grant. For more details, visit  https://www.empoweringsmallbusiness.org/covid-19-response/sector-specific-relief-grant-program-massachusetts-businesses
 
If you have any questions regarding  PPP loans, please contact Mike Ahlstedt  at michael@taxsense.com.
 
Mike Ahlstedt, CPA
781-849-6070 x293#
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