Here are the steps:
- Have you received formal forgiveness on your first draw PPP loan? If yes, you are unable to get any additional first draw PPP loan and you willjump to step #7. If no, go to step #2.
- Have you requested loan forgiveness? If yes, you will need to discuss whether your bank will allow you to get an updated loan or not. This assumes the forgiveness is still with the bank. If it is with SBA you may not be able to get an additional first draw PPP loan.
- Did your 2019 Form 1040 Schedule F show less than $100,000 of net income on line 34? If so, you may qualify to increase your PPP loan amount based on the amount of gross income shown on line 9 or either 2019 or 2020 (if that return has been prepared). If line 9 is greater than $100,000 and you had no employees, you can increase your loan to $20,833. If you had employees, you need to do the calculation as discussed in our Sunday January 10, 2021 post to determine the increase. |
Continue (8 steps in all).