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  2. PPP Origination Issues

My business wasn't in operation in 2019, how do I compare 2020 quarters for 2.0 reduction factor in your portal?

This is possible by carefully following the steps detailed below.

Loan Eligibility Screen:

  1. Select “No” to the question “Was your business in operation for all of 2019?”
  2. Put “0” for number of months in business during 2019
  3. We realize text wording is a little off, but please select “12” in the drop-down question “Months operated in 2020 before March, 1, 2020”
  4. Complete the rest of the questions on the Loan Eligibility screen and click the arrow button on the bottom right-hand corner of the screen

Revenue Reduction Screen:

  1. Consistent with the guidance, the 1st Quarter of 2020 must always be the reference period for this comparison when using 2020 quarters as the basis for this test.
  2. Check “This quarter will be reference period” underneath “1st Quarter 2020”
  3. Input Revenue ($) amount underneath “2020 1st Quarter”
  4. You may choose any remaining quarter in 2020 to compare to the 1st Quarter of 2020 to demonstrate the 25% revenue decline.

Complete the rest of your PPP loan application by carefully following the steps throughout the portal.