If you’ve never received a PPP loan, you may still be eligible.
If you received a PPP loan during the first round, you may be eligible to receive a second one. For a second draw PPP loan, you must have had at least a 25% reduction in Gross Receipts in one quarter of 2020 versus the same quarter of 2019. And you must have already used the money you received in your first draw completely. For example, in the below illustration, this company had a 30% decrease in the 2nd quarter; therefore, they would be eligible to apply for the second round of PPP.
|
|
1st Qtr
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2nd Qtr
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3rd Qtr
|
4th Qtr
|
|
|
2019
|
$25,000
|
$20,000
|
$20,000
|
$25,000
|
|
|
2020
|
$25,000
|
$14,000
|
$18,000
|
$30,000
|
|
|
|
|
30% Decrease
|
|
|
|
For more information: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program/second-draw-ppp-loans
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