How to Fill Out the New Second Draw

How to Fill Out the New Second Draw PPP Application Form Presented by Tom Copeland, JD

Tom Copeland, JD Author, trainer, family child care advocate No fee to answer your questions Phone: 651 -280 -5991 Email: tomcopeland@live. com Website: www. tomcopelandblog. com Facebook: www. facebook. com/tomcopelandblog

Disclaimer • I am not rendering legal, tax, or other professional advice. If you require this type of assistance, please consult a professional to represent you. • The SBA may issue further guidance about the PPP program after this video was created. This may change some of what I am describing in this video.

Overview • The Small Business Administration (SBA) created two loan programs: • Paycheck Protection Program (PPP) • First Draw PPP • Second Draw PPP • This video will only cover filling out the Second Draw PPP

Apply Now! • Money you receive from the Second Draw PPP is non-taxable income! You will get forgiveness and won’t have to pay it back! • The deadline to apply is March 31, 2021 • You can apply even if you don’t have employees! • You can apply even if you don’t show a profit on Schedule C! • This video will refer to a Schedule C filer. If you are a corporation, you will apply for the PPP using your corporate tax return.

First Draw vs. Second Draw • If you didn’t get a PPP loan in 2020 you are eligible to apply for the First Draw • If you did get a PPP loan in 2020 you are not eligible for the First Draw • Instead, you may be eligible to apply for the Second Draw

Are You Eligible for the Second Draw PPP? You are eligible if: You were in business before February 15, 2020, You received money from the PPP in either 2020 or 2021, The money was deposited in your bank account before February 3, 2021, and • You can show at least a 25% reduction in your gross income in 2020 as compared to 2019. • •

How This Works • You apply for the PPP by filling out an application form from the SBA website or get one from your lender. • You submit the application form to your local bank or online lender such as Pay. Pal. • After you are approved, the SBA will deposit money directly into your bank account. • You will have eight to twenty-four weeks to spend the money. • You should then apply forgiveness through your lender so that you don't have to pay the money back.

Schedule C

Form 2483 -SD-C Page One Top

Form 2483 -SDC Page One Bottom

Form 2483 -SD-C Page Two

Form 2483 -SD-C Page Three

Form 2483 -SD-C Page Four

Comments • I will be continuing to write about the PPP forgivable loans on my website: www. tomcopelandblog. com • I’ve previously written about how to fill out the First Draw application form. • Don’t give up if you come up against barriers to filing your application. Stay with it! • This is a beneficial program because it’s not taxable income! • Good luck!

Contact Tom • Call: 651 -280 -5991 • Email: tomcopeland@live. com • Blog: www. tomcopelandblog. com • Facebook: www. facebook. com/tomcopelandblog Good Luck!