Are you curious about the second round of monies from the Paycheck Protection Program (PPP)? If you are, the application process has officially opened; however, it will close in March 2021, or when the money is gone; therefore, apply early.
Your Business Needs A 25% Decline In Gross Receipts.
If you want to apply for the next PPP round, your business needs to have a 25% decline in gross receipts in any ONE quarter of 2020 as compared to the same quarter in 2019. The easiest way to check this is to look at the deposits on your bank statements or in your accounting software program, i.e., QuickBooks.
Sample Analysis Below:
Click Here To Download Your PPP Loan Application
Maximum Loan Amount And Increased Assistance For Accommodation And Food Services Businesses.
For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs, up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs, up to $2 million.
Who May Qualify?
A borrower is generally eligible for a Second Draw PPP Loan if the borrower: