Need A PPP Loan? Manhattan Beach Chamber Offers Free Update Today

MANHATTAN BEACH, CA — The Manhattan Beach Chamber of Commerce "Power Hour" today [Tuesday, Feb. 9] is "Update on the Second Round of PPP Loans" and will be held this morning from 8:30-9:30 a.m. The online webinar is free. Two speakers from Kinecta Federal Credit Union will provide the update.

Mike Squire, senior vice president, chief lending officer for Kinecta, and Sandra Sanchez, vice president, business services for Kinecta, will deliver an update on the second round of the Payment Protection Program (PPP).

Questions expected to be covered, include

• If I received a PPP loan in round 1, can I apply for another loan in round 2?
• If I didn't apply for a PPP loan in round 1, can I apply in round 2?
• Must I use the second PPP loan for employment related expenses again?
  • What can be covered in employment costs?
    • Can payment of 1099 contractors be factored in?
• Can a second PPP loan be used to cover deferred rent costs?
• Can landlords qualify for PPP loans? If yes, are they required to give their tenant a rent reduction?
• If I have received grants from local or county sources, does that need to be factored into the quarterly p&l I will use to apply for the second draw PPP loan?
• What is the deadline to apply for forgiveness for PPP loans from round 1?
• Does a forgiven PPP round 1 loan count as income when applying for round 2?
• Can non-profits apply in round 2 if they were not eligible to apply (thus did not apply) in round 1?
  • What is the new deadline to apply for a round ONE PPP loan?

This event will have a 10-minute breakout session for conversations and questions regarding the PPP loans. After the breakout, the meeting will continue with a Q&A with Mike Squire. Kinecta is sponsoring the event. Details and a registration link are available here.

Meet the Speaker:

As senior vice president, chief lending officer for Kinecta, Squire is responsible for the overall performance of Kinecta’s Residential, Consumer and Commercial lending groups. Prior to starting his current role in November 2018, he spent six years in various leadership positions at Kinecta, including roles in residential lending and mortgage operations. Before joining the credit union, he held a variety of operations and sales roles at financial institutions such as Bank of America and Lehman Brothers. Squire started his career working in the hospitality industry, and he studied at both San Diego State University and DePaul University.