The SBA has recently issued IFRs (Interim Final Rules).  This stuff gets very muddy.  Here is our understanding of this week’s rules.

If you have not received PPP 1.0 (first draw), then you will apply for that round under the 1.0 rules.  This means there is no qualifier as it relates to reduced revenue.  You can now go back and get additional funds from PPP 1.0 (reapply).  This applies If you received PPP 1.0, then found out that you qualified for a higher amount.  This would likely be if you did not include benefits and state taxes in the initial calculation.

If you did receive PPP 1.0, then you can apply for 2.0 (second draw), subject to the revenue reduction qualifier of 25% for at least one quarter. 

Small and large lenders are now accepting PPP applications.  We are submitting applications for clients this week.  There are a lot of variables when submitting applications.