Gross Receipts May Qualify News Today : Breaking News, Live Updates & Top Stories | Vimarsana

PPP”) loans under the Coronavirus, Aid, Relief, and Economic Security CAA (the “
CARES Act”):
Borrowers may be eligible for a second PPP loan. If the borrower (1) will or has used the full amount of the first PPP loan only for authorized expenses, (2) has no more than 300 employees, and (3) can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020, a second PPP loan is available. Any second PPP loan is limited to $2 milion.
More Entities Qualify for PPP Loans. The CAA expands PPP loan eligible entities to include:
501(c)(6) Non-Profit Organizations: An IRC §501(c)(6) entity is eligible for a PPP loan subject to the following: (1) the entity does not receive more than 15% of its receipts from lobbying activities, (2) the lobbing activities of the entity do not comprise more than 15% of the total activities of the entity, (3) the cost of lobbying activities of the entity did not exceed $1 million during the most r ....

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