This is possible by carefully following the steps detailed below.
Loan Eligibility Screen:
- Select “No” to the question “Was your business in operation for all of 2019?”
- Put “0” for number of months in business during 2019
- 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”
- 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:
- 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.
- Check “This quarter will be reference period” underneath “1st Quarter 2020”
- Input Revenue ($) amount underneath “2020 1st Quarter”
- 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.