United States United Kingdom Australia Brasil Canada (English) Canada (French) France Mexico Singapore South Africa Global Ireland
cancel
Turn on suggestions
Showing results for 
Search instead for 
Did you mean: 
raulberit
Level 1
posted
‎January 25, 2021 11:33 AM
last updated ‎January 25, 2021 11:33 AM

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
Reply Join the conversation
Best answer January 25, 2021
Solved

Best Answers
ZackE
QuickBooks Team
QuickBooks Team
‎January 25, 2021 01:30 PM

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!

View solution in original post

Reply Join the conversation
3 Comments 3
ZackE
QuickBooks Team
QuickBooks Team
‎January 25, 2021 01:30 PM

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!

Reply Join the conversation
melindalk1
Level 1
‎January 30, 2021 01:17 PM

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.  

Reply Join the conversation
MaryAnn_E
QuickBooks Team
QuickBooks Team
‎January 30, 2021 03:16 PM

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!

Reply Join the conversation
Featured
Invoice and Sales Form Basics
When business is going well, that means invoices and sales receipts are bei...
Read more
Quick help with QuickBooks: Online Banking
Welcome back to the next installment in our Quick help with QuickBooks seri...
Read more
New Top 5 Questions: Sales Tax
Hello QuickBooks Community! As you can see, we’re back with another Top 5 a...
Read more
Top

Need to get in touch?

Contact us
Sign in for the best experience
Ask questions, get answers, and join our large community of QuickBooks users.
Sign In / Sign Up