WebTo 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 2024 compared to the same quarter in 2024, or for the year of 2024 versus 2024. You may need to provide documentation in this instance. Such documentation may include any of the following: WebAcceptable Revenue Reduction Proof Documents As part of the PPP2 forgiveness process, borrowers with a loan up to $150,000 are required to provide supporting documentation …
Second Draw PPP Loan: Your top questions answered
WebFeb 4, 2024 · Gross Receipts (Revenue Reduction) One of the criteria to qualify for a second draw loan is to experience a 25%, or greater, reduction in gross receipts in 2024 compared … WebJan 14, 2024 · An entity that was not in business during 2024, but was in operation on February 15, 2024, may satisfy the revenue reduction requirement for a second draw PPP loan if it had revenue during the second, third, or fourth quarter of 2024 that demonstrates at least a 25 percent reduction from the revenue of the entity during the first quarter of 2024. tayar pancit petaling jaya
PPP LOANS – ROUND 2 - Epps & Coulson, LLP
WebMar 29, 2024 · Self-employed farmers and ranchers (i.e., those who report their net farm profit on IRS Form 1040 Schedule 1 and Schedule F) should use IRS Form 1040 Schedule F. Step 1: Find your 2024 or 2024 Form 1040 Schedule F line 9 for gross income amount. If this amount is over $100,000, reduce it $100,000. Step 2: Calculate the average monthly gross ... WebJul 28, 2024 · To qualify for a Second Draw PPP loan, your business must have had a reduction in gross receipts in excess of 25% over two comparable time periods. For example, suppose your business had gross receipts of $50,000 in the second quarter of 2024 and gross receipts of $30,000 in the second quarter of 2024. That would be a … WebFeb 4, 2024 · Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2024 and 2024. ... Entities that use a fiscal year to file taxes may document a reduction in gross receipts with income tax returns only if their fiscal year contains all of the second, ... To substantiate the applied-for PPP2 loan amount, ... tayar pancit near me