1/9/2021 9:34 AM
PPP2 applications have been released! Find them here. You can’t apply just yet. Applications open on a limited basis beginning Wednesday. But you can start preparing.
Among other items, you must demonstrate a 25% drop in revenue in any quarter of 2020 as compared to the same quarter of 2019. For other PPP Round 2 requirements and details, see our previous blog.
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.
You must apply for PPP2 by March 31, 2021. There are expected to be plenty of funds available for those that qualify and are in need. But don’t procrastinate. Funds are available on a first-come, first-served basis. Reminder: if you use the same bank for your PPP1 and PPP2 loans, and if you base your application on 2019 payroll costs, no new supporting documentation will be required. You will only need to submit a new application.