re: PPP 2nd Round Update 1/14/21

Yes...We did receive PPP loan last year. Will have to do some digging. Thanks

Is there an email address I can send information to? I have the entire document on this round that I can forward to you.

Is the average monthly payroll for the year of 2020 I am assuming?

YGM

Has anyone found any good youtube/webcasts on the 2nd Round PPP?

See if this link to the new application works.

LINK

This is from the instructions (page 4 of 6)

For all loans, the appropriate reference quarter depends on how long the Applicant has been in operation:
• For all entities other than those satisfying the conditions set forth below, Applicants must demonstrate that gross receipts in any quarter of 2020 were
at least 25% lower than the same quarter of 2019. Alternatively, Applicants may compare annual gross receipts in 2020 with annual gross receipts in
2019; Applicants choosing to use annual gross receipts must enter “Annual” in the 2020 Quarter and Reference Quarter fields and, as required
documentation, must submit copies of annual tax forms substantiating the annual gross receipts reduction.
• For entities not in business during the first and second quarters of 2019 but in operation during the third and fourth quarters of 2019, Applicants must
demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than either the third or fourth quarters of 2019.
• For entities not in business during the first, second, and third quarters of 2019 but in operation during the fourth quarter of 2019, Applicants must
demonstrate that gross receipts in any quarter of 2020 were at least 25% lower than the fourth quarter of 2019.
• For entities not in business during 2019 but in operation on February 15, 2020, Applicants must demonstrate that gross receipts in the second, third, or
fourth quarter of 2020 were at least 25% lower than the first quarter of 2020.

quote:

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25% loss of revenue in one 2020 quarter compared to the same quarter in 2019 is a requirement. I was told by my banker today that this is a requirement for forgiveness but I went ahead and submitted the documentation anyway so it's there.

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What did you submit as proof? My banker suggested the Income Statement from our software would suffice, but I am a little leary that this is all that will be necessary

Sent

I couldn't find anything specific in the language excluding previous CARES act stimulus amounts - only previous PPP Loan forgiveness. Look at the bottom of page 8 of the IFR I attached in the email. It gives a detailed breakout of what is considered "receipts."

Sorry for the lack of replies in the past day. That beatdown last night is fresh in my mind.