Next round of PPP funding could open soon

The next round of Paycheck Protection Program small business loans is set to open up this week or early next week, which means businesses that did not receive funding from the original $349 billion PPP funds through the Coronavirus Aid, Relief and Economic Security (CARES) Act should be ready to submit their applications.

The Senate approved a $484 billion interim coronavirus relief measure that would provide $310 billion for the Small Business Administration’s (SBA) now-exhausted Paycheck Protection Program (PPP), $60 billion for disaster loans through the Economic Injury Disaster Loan (EIDL) program, and an additional $100 billion for the Department of Health and Human Services (HHS), which includes $75 billion for health care provider relief and $25 billion to ramp up coronavirus testing.

By the time you are reading this, the House may have approved the measure. Below is a snapshot of the provisions most relevant to you as we know them to be at the time of this writing. As with all things coronavirus-related, details are changing daily, if not hourly, so we will be sure to provide updated information as we receive it:

Paycheck Protection Program

The additional $310 billion authorized for the Small Business Administration’s Paycheck Protection Program includes $60 billion dedicated to underserved communities such as minority and rural businesses. Of that $60 billion, $30 billion is set aside for banks and credit unions with assets between $10 billion and $50 billion. The other $30 billion is reserved for community banks, credit unions and “community financial institutions” with assets of less than $10 billion. The bill defines community financial institutions as “minority depository institutions, certified development companies, microloan intermediaries, and state or federal credit unions.”

The PPP was originally funded with $349 billion in the $2.2 trillion CARES Act that the President signed March 27. But within days of the program’s opening on April 3, the program had maxed out its funding after approving nearly 1.7 million loans.

The program allows businesses with 500 or fewer employees (with an exception allowing more than 500 employees for certain industries) to secure loans of up to two months of their average monthly payroll costs, plus 25% of that amount, to a maximum of $10 million. The loans are forgiven if the company maintains its employee and compensation levels, and if the proceeds are used to cover payroll costs and most mortgage interest, rent and utility costs. No more than 25% of the loan may be used for non-payroll expenses.

Economic Injury Disaster Loan program

The bill authorizes an additional $60 billion for the Small Business Administration’s Economic Injury Disaster Loan (EIDL) program, $10 billion of which is reserved for the EIDL Advance program, which provides $10,000 grants that don’t have to be repaid for businesses hurt by the pandemic. The bill also allows agricultural enterprises (as defined by section 18(b) of the Small Business Act) with up to 500 employees to receive EIDL grants and loans.

The SBA’s EIDL, which is usually intended for victims of disasters like tornadoes and wildfires, was made available on March 12 to businesses hurt by the coronavirus pandemic. Under the program, businesses with fewer than 500 employees (with exceptions for certain larger companies) that were operating as of January 31, 2020 — including cooperatives, sole proprietors and private nonprofits — can apply for a working capital loan of up to $2 million, at a rate of 3.75% for businesses and 2.75% for nonprofits, with a term of up to 30 years.

For loans related to the pandemic, payments are deferred for one year, approval can be based on a credit score only, and borrowers do not have to prove they cannot get credit elsewhere. In addition, under the EIDL Advance program, applicants can get a $10,000 emergency grant within three days of applying, which does not have to be repaid. The CARES Act funded the EIDL Advance program with $10 billion, but it too was quickly flooded with applications, overwhelming the SBA application system resulting in applicants waiting for weeks for loan approvals.

Health care provider relief

The CARES-2 bill authorizes an additional $75 billion to the Public Health and Social Services Emergency Fund administered by HHS, to be distributed to hospitals and health care providers for related expenses or lost revenue attributable to the coronavirus. The bill language mirrors the language in the CARES Act and supplements the $100 billion provided through CARES-1, of which $30 billion has already been allocated based on providers’ share of 2019 Medicare fee-for-service (FFS) billing. The Administration has indicated they will direct some of the remaining $70 billion in CARES Act funding to providers in areas particularly impacted by the COVID-19 outbreak, rural providers, providers of services with lower shares of Medicare reimbursement or who predominantly serve the Medicaid population, and providers requesting reimbursement for the treatment of uninsured Americans.

Zachary Collins, CPA, is a Senior on the Business and Tax Advisory Group with Antares Group, Inc. He can be reached at zcollins@antarescpas.com.


This communication is intended to provide general information on legislative COVID-19 relief measures as of the date of this communication and may reference information from reputable sources. Although our firm has made every reasonable effort to ensure that the information provided is accurate, we make no warranties, expressed or implied, on the information provided. As legislative efforts are still ongoing, we expect that there may be additional guidance and clarification from regulators that may modify some of the provisions in this communication. Some of those modifications may be significant. As such, be aware that this is not a comprehensive analysis of the subject matter covered and is not intended to provide specific recommendations to you or your business with respect to the matters addressed.

Recent Articles:

Follow Antares CPAs:

Thank you for registering!

You will receive an email confirmation soon, and we look forward to seeing you at the Antares Wealth Symposium.

Make your room reservation now.

Use the link below to get a special room rate at the gorgeous Hotel Contessa where our symposium is being held.

Save my place!

Complete this short form to reserve your place at the free Antares Wealth Symposium. Watch for your confirmation email and we look forward to seeing you in San Antonio.

Contact Info
Guest Info

To help with meal planning, please indicate how many from your group will be attending each event.

Monday Dinner

Tuesday Breakfast

Tuesday Lunch

Dietary Restrictions
Other Accommodations
Contact Info
Guest Info

To help with meal planning, please indicate how many from your group will be attending each event.

Monday Dinner

Tuesday Breakfast

Tuesday Lunch

Dietary Restrictions
Other Accommodations

Succession & Transition Strategies

Creating a successful succession plan is about protecting the future of a business and/or brand and ensuring there is a strategy in place to ensure your business continues to thrive.

After years of investing time, money and other resources, it’s imperative to prepare for this next stage in business and life. Poor planning can increase risks for stakeholders and tarnish legacies. Let’s make sure the next generation is well-equipped and ready to take your life’s work and family legacy to an even greater level of success.

Each situation is unique because the needs of each one involved are unique. We carefully review each opportunity to determine how best to structure a transition while meeting your goals, complying with any brand licensing polices and minimizing the tax implications of the transfer.

  • Next generation succession planning
  • Retirement planning
  • Wealth management

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Technology Services

Antares Group’s technology team provides convenient hardware and software support, along with comprehensive cloud accounting services with 24/7 access to up-to-date financial information exactly the way you want it, on any connected device, with a customizable dashboard interface. We use best-in class cloud accounting platforms and software including Sage Intacct, Bill.com and robot process automation (RPA) with integration capabilities with some of the leading point-of-sale, payroll, and business operations management software programs.

Cloud accounting is just the beginning; Antares Group’s experienced technology team also performs system evaluations and makes recommendations for products and services that will help your business run more efficiently, as well as protecting your information and infrastructure with robust security options. Using the right technology for automation will simplify your life and keep your valuable data safe..

  • Technology and security optimization
  • Complete cloud accounting services
  • Computer troubleshooting assistance with remote and onsite repair

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Business Planning & Valuation

An accurate understanding of your company’s current value and financial viability is vital for achieving business success and the launch pad to boundless possibilities in the years to come. Realistic valuations are essential for long-term strategic plans, business successions and expansions, gift and estate planning, and a lucrative retirement package. Planning for where you want to go in the future is what our business and tax advisors do best. Whatever your goals, we are here to provide you with the right plan and insightful guidance to achieve it.

  • Trend reporting and analysis and business valuation
  • General business and start-up consulting
  • Major reinvestment planning
  • Cash flow projections

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Back Office Solutions

In such a fast-moving business environment, business owners need every advantage to succeed. Improving efficiency should be an ongoing part of your strategy for financial success, empowering you to make continuous improvements.

Whether your business is a single location seeking to grow effectively and sustainably, an established franchise brand adding new locations, or something in between, Antares Group provides a suite of back office services and the financial expertise to help business owners and managers achieve their operational and financial goals. In the process of supporting your essential back office operations with practical solutions, we analyze the function and effectiveness, looking for inefficiencies and potential liabilities, offering valuable insights for owners and managers.

  • Daily deposit verification and online banking monitoring
  • Process invoices and code general ledger accounts
  • Process vendor payments and file 1099s
  • Prepare and file sales and use tax returns
  • Reconcile bank, credit card and cashless sales accounts

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Tax Advisory

Minimizing your tax burden is a year-round strategy; planning for and preparing complex business and individual tax returns is where Antares Group excels. Beyond simply helping you fulfill basic tax obligations, you can rely on our tax advisory team to keep you informed of ever-changing regulations and keep you in compliance. We conduct regular reviews to make sure all methods of reducing your tax liabilities are being used. We routinely assess your personal income tax situation and cash flow to guard against the unexpected. This ongoing strategic analysis empowers you to maximize tax savings and capitalize on new opportunities.

In addition, we provide advisory services for new business startups, acquisitions, and dispositions. Through careful analysis, we help clients determine the best structure and make the process as seamless as possible.

  • Business and individual year-end tax returns
  • Personal property, gift, and trust income tax returns
  • Fixed asset setup and maintenance
  • Annual tax planning and preparation

Let's get started.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com

Cloud Accounting

Whether you run a small closely held business or a large franchise operation, maintaining a firm grasp of accounting and bookkeeping can be challenging. Between managing staff and overseeing daily operations, there is not enough time to dig into the books and make sense of the financials. You need to know the facts and the implications. – having precise, up-to-date information at hand means you always know your financial position so you can make informed decisions that keep your business moving forward.

The financial experts at Antares can create a custom menu of accounting and tax services perfectly catered to your business needs, including accurate and timely financial statements and reports, so you are always prepared to respond quickly to changing and challenging circumstances. Along the way, we provide clear feedback and financial guidance to help you predict trends and recognize issues, then make the necessary adjustments to sustain cash flow throughout the year.

  • Timely preparation of financial statements based on your particular needs
  • Complete preparation of sales, payroll, inventory, accrual, and prepaid journal entries
  • Meticulous monthly bank and credit card reconciliations

Antares Cloud Accounting services uses industry leading Sage Intacct managment software to provide the precise, up-to-date information you need to always know your financial position, so you can make well-informed decisions.

Call us at 770.785.7855 Or email hello@antaresgroupcpas.com