About PPP2 and the Employee Retention Tax Credit

PPP2 eligibility: Return borrowers

If you received a PPP loan last year, you may apply for another loan of up to $2 million if you:

  • Have 300 or fewer employees; and
  • Used the full amount of your first PPP loan (or will soon use the remainder); and
  • Can show that your business experienced a 25% decline in gross receipts in any 2020 quarter compared to that same quarter in 2019.

PPP2 eligibility: First-time borrowers

If you’re a first-time borrower, you are eligible for a PPP loan if you are:

  • A business with 500 or fewer employees; or
  • A sole proprietor, independent contractor or self-employed individual; or
  • An accommodation or food services operation (i.e., you have an NAICS code starting with 72) and you have fewer than 300 employees per physical location; or
  • A nonprofit (this includes religious institutions).

Employee retention tax credit eligibility

In general, you are eligible for the ERTC if your business:

  • Was fully or partially suspended due to orders from an appropriate governmental authority limiting commerce, travel or group meetings due to COVID-19; or
  • Has 2020 gross receipts for at least one calendar quarter that are less than 50% of the gross receipts received during the same calendar quarter(s) in 2019 (and/or less than 80% in 2021).

If you believe you meet the PPP2 and/or ERTC qualifications above and are an existing Wipfli client, we are here to help. Our fee for assisting with determining your eligibility starts around $1,000 and will ultimately depend on your specific situation.

Please contact your Relationship Executive to engage Wipfli and start the PPP2 application and ERTC review process.

If you are not a Wipfli client, fill out the form to receive more information about PPP loan eligibility, opportunities to invest in your future and other advisory services. This is not a loan application, just a way to gather information to prepare to work together.

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