So I did not apply for the second round of PPP as I was shy of the 25% reduction…but dec/Jan and Feb have been awful…anyone know if the new Biden announcement today means I can apply for the second round…the SBA site is clear as mud
I would like to know this as well.
First quarter of 2021 is showing a reduction. I would also like to know.
Yes, exactly the same. I don’t know what this 14 day window means either…so many questions! Time for a Thursday PMI Zoom with Chip & Pauli🙏🏻…
Agree first quarter 2021 compared to first quarter 2020 shows reduction. What is the meaning of the14 day window? Thanks!
I would love to know too! We were just shy of the 25% also!
I am also interested in this answer. Thank you!
Agreed, and my local bank has not been very helpful. We have grants from the state that came in last year, so we never actually hit the 25% using actual quarters, but if we could shift by a month we did, or if we could not count the grants. I have to run this quarters numbers, but I bet they are close as well.
Amen, we also did not apply for 2nd round for same reasons. And yes q1 2020 was on pace for historic numbers, and so far this yr one of the worse starts in a long time, which was Not unexpected. However, the timing of the 25% reduction for PPP 2.0 needs to be addressed by Feds imo.
ISn’t it funny when you want to stop busting your hump to get the WCC in so you can hit the 25% number in reduced revenue. My understanding was that it had to be a calendar quarter such as Jan-March or October-December, but agree language is not crystal clear. 2020 financial pain that was postponed is being felt in 2021 for sure. Just need to hold on through the winter and get to check up season.
From what I’m reading, the 25% reduction is still a criteria that must be met. The only changes I’m seeing are:
- More aid for sole proprietors, independent contractors, and self-employed
- Provide relief for non-fraud convicted felons
- Include business owners who are deliquent on student loans
- Provide PPP to non-citizen lawful residents
I was hoping to see the threshold of 25% revenue loss come down as well. We never had a fiscal quarter where our income dropped above 25%, but came close. We’ve started 2021 off with a drop off of close to 70% in gross receipts due to low volume (no sick patients) and new deductibles starting.