Can I apply for 2nd Round of PPP loans?
Meredith Truettner asked 4 years ago
Curious if I can apply for the newest round of PPP loans, even though I am an independent contractor and own my business ?
Industry Resource answered 4 years ago
The Paycheck Protection Program (PPP) returned for a limited time and eligible small businesses impacted by COVID-19 can apply now through banks and loaners online.
PPP Second Draw
Amounts: Qualify for 250% of average monthly payroll (350% if in food services or accommodations). Amounts between $5,000 – $2 Million
Terms: 5-year maturity for non-forgiven loan amounts
Rates: Flat 1% rate for non-forgiven lean amounts
Loan Forgiveness: Up to 100% loan forgiveness if used for qualified loan uses.
Eligibility: Businesses that have less than 300 employees and have previously taken out a PPP loan.
Qualified small businesses that did not receive a PPP loan during the first round of funding
You must be able to demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter.
Required Documents to apply for PPP
- A copy of an official unexpired, government-issued ID document, such as a driver’s license, for all business owners who own 20% or more.
- Bank account verification by connecting via Plaid or through providing a voided check that shows the business name, account number, and routing number
Other required documents will depend on your tax filing status in 2019 and if you have employees.
You filed Schedule C in 2019 and your business doesn’t have employees (other than yourself)
- 2019 1040 Schedule C
- One 2019 business bank statement and Feb 2020 business bank statement
You filed Schedule C in 2019 and your business has employees (other than yourself)
- 2019 1040 Schedule C
- 2019 Form 941 for all four quarters
- Q1 2020 Form 941 or Feb 2020 bank statement showing payroll debit(s) or a payroll statement covering Feb 15, 2020
- If you have a 2019 full year comprehensive payroll report from a payroll processor, instead of submitting the Schedule C and the 941s
You filed a Form 1120/1120s or Form 1065 in 2019
- 2019 Business Tax Return (including K-1s if you filed a 1065)
- 2019 Form 941s for all four quarters (if you have employees)
- Q1 2020 Form 941 or Feb 2020 bank statement showing payroll debit(s) or a payroll statement covering Feb 15, 2020
- If you have a 2019 full year comprehensive payroll report from a payroll processor, instead of submitting the first two requirements (2019 Business Tax Return & 941s)
How do you verify a revenue reduction?
If you’re applying for your 2nd Draw PPP loan, you will be required to fill out a Proof of Revenue Reduction form as part of your online application to demonstrate at least a 25 percent reduction in gross receipts in the first, second, or third quarter of 2020 relative to the same 2019 quarter.
To prepare for this part of the application, you can review your business’ income statements (also called Profit and Loss statements) for 2019 and 2020. They will ask for your quarterly Revenue and Expenses and you will need to demonstrate a 25% or more reduction in revenue over one quarter in 2019 compared to the corresponding quarter in 2020.
It is best to talk with your bookkeeper or accountant to make sure the paperwork is proper and up to date.
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