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raulberit
Level 1

PPP Loan - What if I only have 19% less revenue?

We got the 1st PPP loan, and already applied for loan forgiveness and we received the forgiveness letter already.

To apply for the 2nd PPP, we only have a 19% less revenue between 2019 and 2020 quarters. Is there a provision for this case?

Thanks.

Solved
Best answer January 25, 2021

Best Answers
ZackE
QuickBooks Team

PPP Loan - What if I only have 19% less revenue?

Welcome to the Community, raulberit.
 

For businesses who've received Paycheck Protection Program (PPP) funds in the past, the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 states that borrowers with less than 300 employees who can display a reduction of at least 25% in revenue for 2020 compared to 2019 (among other requirements) may be eligible for a second loan.
 

If you're in need of additional assistance, your business might qualify for other forms of financial aid. You can also consider looking into state assistance.
 

You'll be able to find more information about the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 on our PPP loan page.
 

I'll be here to help if there's any additional questions. Have a wonderful day!

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3 Comments 3
ZackE
QuickBooks Team

PPP Loan - What if I only have 19% less revenue?

Welcome to the Community, raulberit.
 

For businesses who've received Paycheck Protection Program (PPP) funds in the past, the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 states that borrowers with less than 300 employees who can display a reduction of at least 25% in revenue for 2020 compared to 2019 (among other requirements) may be eligible for a second loan.
 

If you're in need of additional assistance, your business might qualify for other forms of financial aid. You can also consider looking into state assistance.
 

You'll be able to find more information about the Coronavirus Response and Relief Supplemental Appropriations Act of 2021 on our PPP loan page.
 

I'll be here to help if there's any additional questions. Have a wonderful day!

melindalk1
Level 1

PPP Loan - What if I only have 19% less revenue?

I am eligible for the 2nd PPP loan and I'm trying to apply through Quickbooks.  I've followed all the steps but the PPP loan is not showing now in my Payroll Center.  Any suggestions?  I've updated and restarted many times trying to get it back.  

MaryAnn_E
QuickBooks Team

PPP Loan - What if I only have 19% less revenue?

Looks like this is a duplicate post, melindalk1.

 

I'd like to route you to the thread where I answered a similar question. Just click here

 

Should you have other questions, please don't hesitate to post them here. Take care and have a great day!

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