Do you have to have the drop in revenue to take a first draw?

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Jan 21, 2021
2:12:57pm

wabluecoug All-American

Do you have to have the drop in revenue to take a first draw?

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wabluecoug

Bio page: wabluecoug
Joined: Nov 6, 2007
Last login: Apr 16, 2024
Total posts: 32,332 (464 FO)

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Messages

Author

Time

Has anyone successfully gotten through the PPP2 loan process?

BYUMizzou

1/21/21 2:07pm

Plenty of money still as far as I know.

AFCougK9

1/21/21 2:10pm

I have not been very close to this round but my understanding is money should last quite a while

Clark Addison

1/21/21 2:11pm

Funding isn't an issue. Many don't qualify because they don't have a 25% drop

Chester Copperpot

1/21/21 2:11pm

Do you have to have the drop in revenue to take a first draw?

wabluecoug

1/21/21 2:12pm

No. You just had to make a good faith certification that your business suffered

BYUMizzou

1/21/21 2:14pm

I had one quarter in 2020 where revenue fell by 25.3% over the previous year, so

BYUMizzou

1/21/21 2:13pm

I got clobbered last year. Surprising to me to hear people that don't qualify.

The Old Y

1/21/21 2:14pm

A lot of small business lost 15-24% - still devastating for small margin cos

Saxa

1/21/21 2:43pm

Good point.

The Old Y

1/21/21 2:45pm

The application process is a lot more involved this round and the money will last

CSoul

1/21/21 2:13pm

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