As always, the devil is in the details.

The new legislation makes it extremely clear: you are eligible for the second round of PPP if your gross receipts in one quarter of 2020 are 25% less than the same quarter in 2019.  This equation is simple math and black and white.

We don’t know yet if there will be a requirement for an additional sign off. For example, a CPA, lawyer or notary, that states that you need the second round to ensure your business's ongoing operations.  This attestation was a requirement in the first round of PPP.

This open question is not an issue for businesses still hanging on by a thread and struggling to survive.  But there are plenty of companies off in Q2 and then managed to pivot and recover nicely. I know of many businesses that took an initial hit at the beginning of Covid-19 but ended the year stronger and more profitable than last year.

My question for this community is – should businesses that have recovered in this manner be eligible for another round of forgivable PPP?  Should they be required to state that they need the money?  Let’s discuss.