Under Paycheck Protection Program 2.0, part of the stimulus package passed in December 2020, you need to show a 25% reduction of income for at least one quarter relative to the previous year.
This tool will help you. Follow these steps:
- Select which quarter you started your business
- Enter your quarterly income totals for 2019 and 2020
- Check the box under “Important” to verify you've entered everything correctly.
- Check out the results at the bottom.
Please seek a professional for advice related to your own business situation.
I am not a tax or financial professional nor am I affiliated with any government entity. I'm not even a programmer, so I can't completely guarantee the results.
There's nothing official about this. It's only a tool to help you get a picture of how your income relates to the qualifications of the PPP Second draw, as I understand them based on documentation from the SBA and other sources.
This is not meant to be professional or business advice in any way. It's just a tool.
If you're looking for a lender for the Paycheck Protection Program
I won't try to tell you whether or not to apply. That's a personal and business decision you have to make.
If you have a banking relationship for your business, you can certainly start with your bank. If you're not sure where to begin, we've partnered with Womply. Womply is not a lender. They're a verified agent with several SBA approved lenders. What they can do is connect you with a lender who can help you get your application processed.
This is a referral link. I may receive compensation that helps me keep this website operating. You can start your application process with Womply.