To be eligible for a Second Draw PPP Loan, you must have experienced a revenue reduction of not less than 25% in at least one quarter of 2020 compared to the same quarter in 2019, or for the year of 2020 versus 2019.
You may need to provide documentation in this instance. Such documentation may include any of the following:
- Quarterly financial statements for the entity. If the financial statements are not
audited, the Applicant must sign and date the first page of the financial statement
and initial all other pages, attesting to their accuracy. If the financial statements
do not specifically identify the line item(s) that constitute gross receipts, the
Applicant must annotate which line item(s) constitute gross receipts.
- Quarterly or monthly bank statements for the entity showing deposits from the
relevant quarters. The Applicant must annotate, if it is not clear, which deposits
listed on the bank statement constitute gross receipts (e.g., payments for purchases
of goods and services) and which do not (e.g., capital infusions).
- Annual IRS income tax filings of the entity (required if using an annual reference
period). If the entity has not yet filed a tax return for 2020, the Applicant must fill
out the return forms, compute the relevant gross receipts value (see Question 5),
and sign and date the return, attesting that the values that enter into the gross
receipts computation are the same values that will be filed on the entity’s tax