PPP 2 Second Draw Loan Online Application via Kabbage - K Servicing (Employers)
Step by step instructions on how employers can apply for PPP 2 Second Draw Loan via Kabbage. If you got your PPP First Draw Loan via Kabbage, this second PPP loan application will be a very quick and simple second ppp loan application process.
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LINK TO VIDEO ON 25% REVENUE REDUCTION - • 5 Ways to Meet Second ...
DISCLAIMER
This video is intended for education purposes and should not be taken as legal or tax advice. You should consult with your financial professionals about your unique financial situation before acting on anything discussed in these videos. Freedomtax Accounting and Multiservices Inc. is providing educational content to help small business owners become more aware of certain issues and topics, but we cannot give blanket advice to a broad audience. Freedomtax Accounting and Multiservices Inc. or its members cannot be held liable for any use or misuse of this content.
PPP Second Draw Loan Details
The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan.
Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
Maximum loan amount and increased assistance for accommodation and food services businesses.
For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.
Who may qualify
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
Has no more than 300 employees; and
Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
#ppp2 #pppseconddraw #secondppp #ppploan #ppp #sba
Пікірлер: 64
You are really the best on KZread. I only come here for instructions.
@freedomgroup
3 жыл бұрын
Thank you for the kind words. God bless
I applied for my second round PPP loan at the end of Jan, and I still have not received anything yet! Not even an answer. The first round was super fast with Kabbage.
@yvettesspiritualjourneys4546
3 жыл бұрын
I was wondering the same thing
I want to know how to do it for self employed independent contractor
I just got email from sba for ppp0.2 .they still give me the same amount like 1st time.i called k serving they said they dont have any new guide line yet .do u know anything about that?
Do I need my 2020 Taxes to be completed in order to find my Gross receipts for Q1 2020
@freedomgroup
3 жыл бұрын
No
It’s not giving me the option for 2019 taxes . I called them and they said it’s a technical issue that I need to wait. I already wait a week and still is asking me for schedule c of 2020 but I don’t have it yet. What should I do
@freedomgroup
3 жыл бұрын
Weird...we have done many applications and it gives us the 2019 option. We suggest you continue to talk to Kabbage, or apply for PPP2 with another bank
Hello Sir, I had previously requested you to please make a video explaining how to get PPP1 LOAN Forgiveness on Kabbage.
@freedomgroup
3 жыл бұрын
Noted
New Sub!! Thank you Sir!! Please can you or someone tell me where can I find the gross receipts on tax return? Thank you
@freedomgroup
3 жыл бұрын
Line 1a in Form 1120....Line 1a in Form 1120S....Line. 1 in Schedule C
@Sentyasilva
3 жыл бұрын
@@freedomgroup thank you!🙏
Hola , cómo puedo calcular mi income gross del primer trimestre ? Para poder aplicar a la segunda ronda
@tonyf80
3 жыл бұрын
Necesitas que tu contador te prepare un P&L por el trimestre
At least I’m not alone waiting for their response Status is the same since they first opened for second PPP application.
@freedomgroup
3 жыл бұрын
SBA said they will take longer this time around due to all the fraud that happened the first time around.
Hi, what do you mean by S corp? Last time I put self employed in that option!!
@freedomgroup
3 жыл бұрын
If you are self employed then you are not an S Corp.
@shahimjcpsc
3 жыл бұрын
Does it gonna work if I follow your instructions and select self employed and provide 2019 quarter and 2020 quarter gross earning.In 2019 gross was $63720 and 2020 gross was $9800? Thank you sir.
What if you messed up and put the wrong qtr? How can you redo it ? Can you start over ?
@freedomgroup
3 жыл бұрын
Contact Kabbage to explain the situation.
Can you please make a video of forgiveness a PPP loan on KServicing?🙏
@freedomgroup
3 жыл бұрын
thank you for the suggestion.
My business was opened during the 1st quarter of 2020 but unfortunately no payroll was paid. As 100% owner and only employee, I took shareholders distribution only during the 1st quarter. The rest of the quarters, 941s were submitted and we did receive PPP1. Should I explained this to explain why there was no payroll the 1st quarter?
@freedomgroup
3 жыл бұрын
Each lender is asking for different info
Please make video EDIL Grant 2 Round please
@freedomgroup
3 жыл бұрын
The following video may help....kzread.info/dash/bejne/foyotNBtp9mZdps.html
Thank you, we are S corp!
@freedomgroup
3 жыл бұрын
Very good...then this video is for you!! Best regards.
@Mimimacias1
3 жыл бұрын
@@freedomgroup what about k servicing ppp 2 ground for self employees?
I just received ppp. if i would like to apply for ppp2 can i do it now or i have to wait for 8 weeks? Thank you.
@freedomgroup
3 жыл бұрын
you have to wait at least 8 weeks
They don't do the applications like this now. Its so long !
How to re start the application from the beginning if you make mistake ?
@nomanhanif7239
3 жыл бұрын
:( I have the same question!
I applied PPP 2 through K servicing, but their proposed loan amount is smaller than Line 31 /12 x 2.5. It should be about $18,000, but their amount is about $15,000. I called them to ask about it, and basically they didn't have a clear answer. I am just wondering if this is happening to other people too?
@freedomgroup
3 жыл бұрын
We have not seen this...keep communicating with Kabbage.
@KimNguyen-jq7um
3 жыл бұрын
Yes,they give me the same amount like the first ppp.i called them and they said they have no new guide line yet.
Do you need to get the first ppp forgiven to apply for the 2nd round?
@freedomgroup
3 жыл бұрын
No
@LovelyLu1111
3 жыл бұрын
@@freedomgroup great thank you so much! Still waiting for the results.
I was denied on k servicing because they said i did not make enough? But i did make enough and made the 25% reduction and am a sole prop working for uber is it possible to not make enough or was this a glitch? The first ppp my monthly payroll was 7431 and this time it was 4662.
@freedomgroup
3 жыл бұрын
We suggest you try with another bank...we have had a lot of success with BlueVine
@Mimimacias1
3 жыл бұрын
@@freedomgroup I am so confused I was approve for the first ppp and was also forgiven , I only had to pay $4.90 back . Iam getting so confuse of how to apply for the second round with K servicing I was receiving unemployment , do you guys assist with applications ? Do I need to wait to file the 2020 taxes ?
Is KABBAGE having technical issues? Applied last week Wednesday and it still under review for 2nd draw. It’s been about a week.....
@freedomgroup
3 жыл бұрын
SBA said they are taking longer in processing this second round of PPP
@lisay-houstontxliving
3 жыл бұрын
Me too! Can’t call them they hang up !
@dlb0422
3 жыл бұрын
@@freedomgroup Its not the SBA K Servicing hasn't even summitted a lot of loans to SBA yet.
@eatfrenchfries1
3 жыл бұрын
I have been wondering the same as I applied immediately on the 19th and have been obsessively checking daily with no change in review status. I guess, I'll just keep waiting and obsessing like a crazy person..........hahahaha
@eatfrenchfries1
3 жыл бұрын
@@dlb0422 If true, that's crazy! Round 1 took 3 days from application to funds in my account. I applied on the 19th for round 2 and I'm still in "review" status....ugh....
Applied over a week ago nothing yet 🥴🤦🏽♀️
@freedomgroup
3 жыл бұрын
Yep...SBA is talking longer this time around due to all the fraud that happened last time
You cannot get K serving on the phone or reply to email.
@freedomgroup
3 жыл бұрын
They are very hard to get a hold off
KServicing (Kabbage) system is full of bugs and these people can't seem to get their acts together. If you make a mistake on the application (and not submitted yet), there is no way to go back and fix it. They know about this problem since the day the portal opened. I spoke with them ever since and the answer I always get is "the engineers are working on this but we don't have an ETA". It's seriously time for them to get their engineers to work!!! FRUSTRATING!
@freedomgroup
3 жыл бұрын
Agreed.
@ahancho
3 жыл бұрын
i am experiencing the same exact issue as well