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Started By
Message
Anybody Have Info on 2nd Round of PPP ??
Posted on 1/11/21 at 5:34 pm
Posted on 1/11/21 at 5:34 pm
1. When will portals open up for "regular" banks ?
2. Will documentation be the same as it was in Round 1 ?
3. Are reports accurate that claim there should be "more than enough" money in this round of PPP ?
2. Will documentation be the same as it was in Round 1 ?
3. Are reports accurate that claim there should be "more than enough" money in this round of PPP ?
8
Posted on 1/11/21 at 5:36 pm to JohnWicksDawg
PPP 2nd Round Update 1/8/21
This post was edited on 1/11/21 at 5:37 pm
Posted on 1/11/21 at 5:37 pm to JohnWicksDawg
I don't know but I'm waiting on my next $600 and my next $25,000 involuntary donation to Amazon
Posted on 1/11/21 at 5:42 pm to JohnWicksDawg
If there's one thing that's more unfair than slavery and the pass interference rule, it's letting the unemployed vote to expropriate income from those of us that actually work for a living. Those motherfrickers shouldn't even be allowed to look at a polling place on Google Maps.
Posted on 1/11/21 at 5:47 pm to JohnWicksDawg
Our banker said the second round (the true second round) will open up around 14th or 15th. The big banks are busy getting their marching orders. Seriously.
This post was edited on 1/11/21 at 5:48 pm
Posted on 1/11/21 at 5:58 pm to JohnWicksDawg
My online portal isn't open. But I filled out the PDF version of the application today.
The biggest change is that you must have suffered a 25% decline in revenue in one quarter of 2020 over the corresponding quarter of 2019. And you have to give the numbers, and then attest to them under penalty of fraud. And then attach your financials.
Other than that it's the same 2.5x payroll limit. Unless you're hospitality and then it's 3.5x.
Also, the application I filled out didn't ask for the time period of your average payroll. (2019, 2020, last three months, etc). It just said: What is your average monthly payroll?
The biggest change is that you must have suffered a 25% decline in revenue in one quarter of 2020 over the corresponding quarter of 2019. And you have to give the numbers, and then attest to them under penalty of fraud. And then attach your financials.
Other than that it's the same 2.5x payroll limit. Unless you're hospitality and then it's 3.5x.
Also, the application I filled out didn't ask for the time period of your average payroll. (2019, 2020, last three months, etc). It just said: What is your average monthly payroll?
Posted on 1/11/21 at 6:09 pm to JohnWicksDawg
What is the difference between the First and Second Draw loans? How do I know if my business qualifies for a PPP loan?
Eligibility Requirements
Second Draw PPP
Employ not more than 300 employees
Have used or will use the full amount of their first PPP loan
Demonstrate at least a 25% reduction in gross receipts in a quarter in 2020 relative to the same quarter in 2019
Currently operating
Eligibility Requirements
Second Draw PPP
Employ not more than 300 employees
Have used or will use the full amount of their first PPP loan
Demonstrate at least a 25% reduction in gross receipts in a quarter in 2020 relative to the same quarter in 2019
Currently operating
Posted on 1/11/21 at 6:11 pm to USMEagles
quote:
If there's one thing that's more unfair than slavery and the pass interference rule, it's letting the unemployed vote to expropriate income from those of us that actually work for a living. Those motherfrickers shouldn't even be allowed to look at a polling place on Google Maps
The frick are you mumbling about?
Posted on 1/11/21 at 6:12 pm to JohnWicksDawg
Just received the packet from our bank. A little bit different documentation is required regarding 25% loss in revenue from a quarter to another quarter. The example I received showed a comparison of Q4 2019 vs Q4 2020.
It is a bit unclear as to if you need to compare 2019 Q to same quarter in 2020 or if you can show a reduction from Q1 2020 to Q2 2020 or Q1 2020 to Q4 2020.
If you are a small business needing $150K or less then yes there is plenty of money. $2M or less there seems to be plenty but who knows.
It is a bit unclear as to if you need to compare 2019 Q to same quarter in 2020 or if you can show a reduction from Q1 2020 to Q2 2020 or Q1 2020 to Q4 2020.
If you are a small business needing $150K or less then yes there is plenty of money. $2M or less there seems to be plenty but who knows.
Posted on 1/11/21 at 6:55 pm to JohnWicksDawg
I’m hearing SBA portal opens weds. There is no need to re do loan calc if you go through the same bank (unless you qualify for 3.5x payroll)
Posted on 1/11/21 at 6:58 pm to USMEagles
quote:
If there's one thing that's more unfair than slavery and the pass interference rule, it's letting the unemployed vote to expropriate income from those of us that actually work for a living.
Exactly this.
Posted on 1/11/21 at 7:50 pm to Tridentds
quote:
It is a bit unclear as to if you need to compare 2019 Q to same quarter in 2020
Yes. 2nd Q 2019 vs. 2nd Q 2020, etc.
quote:
or if you can show a reduction from Q1 2020 to Q2 2020 or Q1 2020 to Q4 2020
No & no..
If you don't have quarterly financials, if you can show a 25% decrease for the 2020 year vs. 2019 year (i.e. all 12 months), this works as well.
Posted on 1/11/21 at 8:05 pm to No Colors
quote:
Also, the application I filled out didn't ask for the time period of your average payroll. (2019, 2020, last three months, etc). It just said: What is your average monthly payroll?
It’s in the first or second paragraph of the instructions. You can use either
Posted on 1/11/21 at 9:06 pm to DCtiger1
quote:
The frick are you mumbling about?
It was a little bit off-topic, I admit. Then again, this is the OT Lounge.
Posted on 1/11/21 at 9:10 pm to texn
Am I right that you don't have to show Q over Q loss if your loan is under 150k (until the forgiveness stage)? Of course what your lender makes you do might vary. We had to jump through a bunch of stupid hoops for our lender in R1 that weren't required.
Posted on 1/12/21 at 12:01 am to Pettifogger
Yes it only applies to the forgiveness aspect
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