Home » Business Loans » What Documents Do I Need to Apply for a Second-Draw PPP Loan?

What Documents Do I Need to Apply for a Second-Draw PPP Loan?

Apr 21, 2021 By grant

Note: Due to funding no longer being available through the US Small Business Administration (SBA) for the Paycheck Protection Program (PPP), Revenued is no longer accepting applications.

If you’ve already received your first Paycheck Protection Program (PPP) Loan, you many now be  eligible for a second-draw loan if:

  • You can substantiate that you had a 25% loss in gross receipts/gross income between 2020 and 2019
  • You’ve spent the funds you obtained from the first-draw PPP loan on authorized purposes (and at least 60% on payroll expenses) in the first eight weeks after disbursement of the funds
  • You have no more than 300 employees
  • You complete your application with Revenued and get approved by the SBA prior to funds running out and before the official deadline May 31, 2021

For second-draw PPP loans more than $150,000, you must provide proof of 25% loss. 

When you must substantiate that you had a 25% loss in gross receipts/gross income (Gross Profit – COGS) between 2020 and 2019, you can do so by choosing one of the following comparison choices: 

  • Full year 2020 to full year 2019 
  • Any quarter in 2020 to the same quarter in 2019 
  • If your business began in the period of 1/1/2020-2/15/2020 you can compare any Q1 2020 to any other quarter in 2020 
  • If your business began operation in Q4 2019 you can compare any Q4 2019 to any quarter in 2020 

You can compare either quarterly numbers or annual, using one of the following statements/documents: 

Tax Documents (actuals or drafts) 

Quarterly financial statements

 

Revenued has processed over $3 Billion of PPP applications funded by the SBA. We’re currently accepting applications for the Paycheck Protection Program and have already processed over 30,000 applications this round. We understand the urgency of PPP funding for your small business and we are working hard to facilitate this relief.

If you’d like more information on a second-draw PPP loan, please contact us today and a member of our 5-star PPP application processing team will be more than happy to assist you.

Note: Due to funding no longer being available through the US Small Business Administration (SBA) for the Paycheck Protection Program (PPP), Revenued is no longer accepting applications.

We're working on some pretty cool new pieces of content, including tools that will give you insight into your business finances.

Want to be the first to know when they launch?

What is Your Business Credit Score Used for?

If you are the proprietor of your own small business, it’s likely that you’ve heard the term business credit score before. But you might not know exactly why having a high business credit score is important, and in which situations a strong score is critical.  If you’re unsure of the importance of your business credit […]

By grant
Do You Need Good Credit to Open a Business Bank Account?

The first thing on a new business owner’s to-do list should be opening a business bank account. An account in your company’s name provides a separation between personal and business finances. It also establishes legitimacy in the eyes of potential customers and creditors. Most people expect lenders to scrutinize their credit history during the loan […]

By grant
What Happens if My Company Goes Bankrupt?

Opening and running a small business is risky even under the best of circumstances. Nearly one out of two new companies close their doors for good within their first five years, and the COVID-19 pandemic has generated new hurdles for struggling enterprises.  According to an October 2020 survey conducted by Small Business for America’s Future […]

By grant