Second Draw PPP loan- who is applying for one?

Are any of you applying for a second PPP loan? Thinking of pros/cons and would love for anyone to weigh in. Thanks for your time!

I am definitely applying. The revenue is still not where it was before COVID due to the decreased sick visits. I have not furloughed or laid off employees. I can’t think of any cons.

Definitely applying due to uncertain recovery timeline. If everything goes great and things are back to normal by May/June just keep it in savings account and pay it back.

Definitely applying and waiting to hear from BOA when portal is open for application. Did anybody received any information from your Bank, yet?


I just got an email from my bank yesterday afternoon. They are ready to go on the 13th.

Tanya Fitts, MD
Oxford, MS

This next draw is only if you can show a 25% reduction in revenue in any quarter in 2020. Is that correct?

Definitely as well.

Applying again for sure. Like previously said, revenue is not where it was prior to COVID. The first round helped a lot, but we need the additional help. We have not laid off or furloughed anyone at this point.

I’m hoping to hear something today from US Bank. Otherwise, I may go with another bank.

My question is about the 25% reduction in a quarter. We did have 25% down in 3 quarters, but it wasn’t a “calendar quarter” due to March, April, May…
Can the quarter be not a “calendar quarter”?

Wondering the same thing! We would’ve qualified for the 25% reduction in Q2 of 2020 but one of our capitated insurances paid us the remainder of 2020’s Quality Incentive Payments (normally comes every month) in one lump sum to help providers. It did help but now it’s the only thing keeping us above the 25%!

I was wondering if I could use March, April & May and then we would qualify for the 25% reduction but that’s not a regular calendar quarter.

We are not. We don’t qualify since our revenue was not down 25% in any of the quarters.

We applied and have been approved by the bank. Waiting for SBA

When determining if there is a loss, how are you all calculating that? Are you subtracting expenses for which you used your first PPP loan? Or are you simply looking at income for each separate years quarters?

I believe for second draw PPP loan, you only look @ gross income- any type of revenue counts. We ran all 4 quarters in 2020 separately and compared them individually to 2019. also ran the whole year 2020 compared to 2019. Ended up not meeting the 25% threshold to qualify- came close, but not close enough unfortunately.

Same with us…could only get to a 22% loss in any quarter. Guess that is good news, bad news. :slight_smile: