These questions and answers are a compilation of the participant Q&A from YPTC and Network for Good’s webinar on Feb. 15, 2021.
Where do I find my NAICS number?
The NAICS code is simply your business activity and you can see a list of all business activity codes by going to the naics.com website. Most nonprofit organizations will have an NAICS code beginning with “813.” Also, if your organization has a DUNS number, your NAICS number is probably listed in your business profile.
What is NAICS 72= 3.5X
This means that when calculating maximum loan amounts for the second draw, entities within the accommodation and food service sector (North American Industry Classification System code 72) may use 3.5 times their average monthly payroll costs instead of 2.5 times.
What if you haven’t been paying salary to your employees since you dispersed the first draw of PPP? Can you apply for the 2nd draw?
In order to apply for a second draw, a borrower must certify that they have used the full loan amount of the first draw on eligible expenses before the second draw is disbursed, among other certifications.