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ottertail co mn | Help a few of us posters out?
If I remember correctly you are a banker
I can’t get any straight answers on the ppp loan and I know a few others have this same question as none of can get straight answers.
This is my scenario 2020 ppp bases off net income , I was not eligible. New rules in 2021 and I am eligible on schedule f using gross income and get a first draw deposited Jan 19 2021 into my account. Started wrapping up taxes and for giggles I ran the 25% reduction in income for 2020 quarterly and second quarter my income was down 33% over second quarter of 2019 so technically I am also eligible for a second draw ppp loan. When can I apply for my second draw ppp or can I even apply for a second draw.
I can’t find any scenarios anywhere that say what I can and can’t do and I have read many pages of ppp rules.
My banker is good but he can’t give me an exact day on when I can reapply. He talks about a burn rate and it’s close to 11 weeks, but that still doesn’t answer my question on when I can reapply.
Thanks in advance
Edited by dittfarms 3/3/2021 17:36
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Reality speaks could you
