Ask the Hammer: How Do I Apply for the New Paycheck Protection Program Part 2 Loan?
How do I apply for a Paycheck Protection Program Loan that's part of the Consolidated Appropriations Act of 2021?
That's the reader question that Jeffrey Levine, director of advanced planning at Buckingham Wealth Partners, discusses in this episode of Ask the Hammer.
By way of background, the new law includes, according to Levine's analysis on Kitces.com, a fresh round of $600 stimulus checks and extensions to unemployment benefits (including another $300/week of unemployment insurance relief for 11 weeks).
In addition, small businesses will also gain access to a greatly expanded Employee Retention Tax Credit (potentially up to $7,000/employee/quarter) if they experienced at least a 20% decline in quarterly revenue and a new forgivable Paycheck Protection Program (PPP2) loan opportunity if revenue was down by at least 25% in any quarter of 2020.
Got Questions?
Email AsktheHammer@BuckinghamGroup.com
More Ask the Hammer
How Much Should I Spend on an Engagement Ring?
Can You Explain the New Guidance for PPP loans of $50,000 or less?
How Does the QCD Anti-Abuse Rule Affect My Retirement Accounts?
What Should You Do with Your Money Now that the Election is Over?
Can I Put My 2020 RMD Back into My IRA?
What Are Some Year-end Financial Planning Strategies to Consider?
Is It Worth Getting Earthquake Insurance?
What Should I Do with My Finances in Advance of Cognitive Decline?
How Can I Lower My Taxable Income?
Should I Take the Survivors Benefit or My Social Security Benefit?
Do I Need to Work One More Quarter to Qualify for Social Security?
What Provisions of the CARES Act Expire in 2020?
Should I Prepay 2021 Residence Real Estate Taxes For a 2020 Discount?
Should I Invest in Real Estate as a Way to Diversify My Portfolio?
Do I Need a Roth IRA Conversion Plan?
How Should I Invest the Fixed-income Portion of Your Portfolio
Should Parents Provide Financial Support to Adult Children?
What's the Value of a Risk Tolerance Questionnaire?
Tips on Selecting the Best Retirement Plan Payout Option
What Are The Distribution Rules for Beneficiaries of Inherited IRAs?
Should We Worry About the National Debt?
What are the Tax Consequences of Selling Assets in a UTMA or UGMA
Three Tips on Buying a Used Car
Who Qualifies for a Coronavirus-related Distribution?
