How to Calculate a 25 Percent Reduction in Gross Receipts for a Second PPP Loan

Editor’s note: On Tuesday, May 4th the PPP ran out of general funds and the SBA stopped accepting new PPP loan applications. A reserve of funds is still available for community financial institutions that lend to businesses run by women, minorities, and underserved communities. Additionally, a reserve of funds remains for applications previously submitted but not yet reviewed by the SBA. If you have already submitted your loan application, however, this does not guarantee you funding.

In this video, James walks through how to calculate a 25% reduction in gross receipts. This calculation is required to prove you are eligible for a second PPP loan. Learn more about how to calculate a 25% reduction in gross receipts for a second PPP loan here: https://bit.ly/31Agmpv

In the demonstration, James is using Bench's bookkeeping platform to download the example income statements used for the calculation. If you have your income statements housed elsewhere, you can still follow along!

*IMPORTANT UPDATES*
February 22, 2021: Two-week application exclusivity window begins on February 24th, 2021 for small businesses and non-profits with less than 20 employees. Plus, additional changes to eligibility and loan calculation for self-employed.

Watch our latest video for more information: https://youtu.be/cM-A2zWs874

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Check Out These Other Videos You Might Like:
▪ Reopening of the Paycheck Protection Program:
https://youtu.be/dgUXBeyQ9cQ​
▪ PPP Loans Round 2.0: A Simple Walkthrough for First and Second Time Borrowers: https://youtu.be/Bl0CQ9qQv-4​
▪ What to Do When You Get Approved for a PPP Loan:
https://youtu.be/WAtQ6TUy3uU

Helpful Resources:
▪ The Second PPP Loan: What You Need to Know:
https://bit.ly/30xOkdC
▪ How to Apply for Your Second PPP Loan:
https://bit.ly/3ddWyxi
▪ Paycheck Protection Program Loans Small Business Resource Hub:
https://bit.ly/3u00GYr

Let us know your thoughts about how to calculate a 25% reduction in gross receipts for a second PPP loan in the comments below, and don’t forget to subscribe to our channel for more content about the second PPP Loan!

Have questions about the PPP? Join our Facebook group 'PPP and Financial Relief Hub' for small business owners. Ask our experts and we'll be happy to respond as soon as we can: https://www.facebook.com/groups/benchpppandfinancialreliefhub

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How Bench Can Help:
Try us for free - we’ll do one month of your bookkeeping and prepare a set of financial statements for you to keep: https://bit.ly/3s9voOu

With Bench, you get a bookkeeping team on your side who can help you make decisions to support the best interests of your business. We’ve helped thousands of small business owners access PPP loans and use our accurate reports to make the forgiveness process easy. With Bench on your team, you’ll have properly completed books to help you:

1. Figure out your correct loan amount
2. Track your loan spending to prove you used it on eligible expenses
3. Use bookkeeping records for your loan forgiveness application
4. Account for the PPP correctly when filing your taxes and that the right deductions are being taken

Plus, if you ever have questions, your dedicated team of experts are just a quick message away in the Bench app.

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About Bench:
We're an online bookkeeping service powered by real humans. With Bench, you get a dedicated bookkeeper and powerful reporting software for a crystal clear view of your financial health. All of our services are eligible expenses for PPP forgiveness, and we'll even provide support in applying for the PPP (or getting that loan forgiven). Whatever happens next, we're right there with you.

#PPP #PPPLoan #PaycheckProtectionProgram

Видео How to Calculate a 25 Percent Reduction in Gross Receipts for a Second PPP Loan канала Bench Accounting