Should I apply for PPP#2 as independent contractor?

[JK]

I'm an independent contractor physician a few years out of training. Like most physicians, at the height of the pandemic I was hit pretty hard financially. The place where I typically work essentially was closed for about a month (April 2020) and it was a slow trickle of patients over the subsequent months (May - July). I applied for PPP#1 and received the max amount for an individual IC ($20,833) to keep things afloat and am in the process of working on forgiveness. Due to A LOT of extra hours, slight backlog of patients and going to a busier location, the tail end of 2020 was much better and due to the extra effort/time compared to normal, my overall 2020 income was only down about 5-10% from the previous year.

Fast forward to the present. Income has improved but still slightly lower than pre pandemic levels. I am debating about whether it makes sense to take the PPP#2 loan. I meet the qualifications of having a 25% reduction in comparable quarters (Q2 2020 vs Q2 2019). I am conflicted between...
a) Apply for PPP loan #2 as I meet the criteria. I don't currently need the loan to keep the business afloat but there's a strong possibility this loan will be forgiven as well and it will help buoy the overall impact of COVID on my personal/business finances.
b) Don't apply for loan #2 out of principle because I can still pay my bills and I do not need the money for my IC business to stay operational.

Essentially I'm trying to see what other docs on this forum have done for their IC business or private practices as I'm sure they are in a similar situation. Take the additional money likely to be forgiven as we meet SBA qualifications vs deal with any "guilt" of taking the money when it isn't 100% necessary to survive. I've had colleagues on both sides of the fence.

[HandFellow]

I decided not to apply for any relief as I don't feel like I need it and I don't foresee any changes to my practice in the near future. the majority of my partners did apply for round number two.

[jfoxcpacfp]

If you've had a 25% reduction and qualify, I see no reason not to apply. That is a big drop and don't know what the future holds. To me, this is pretty black and white and not sure why you would feel guilty - you made a lot of sacrifices not to get further behind. But jmpo.

[GastroMastro]

I'm an independent contractor physician a few years out of training. Like most physicians, at the height of the pandemic I was hit pretty hard financially. The place where I typically work essentially was closed for about a month (April 2020) and it was a slow trickle of patients over the subsequent months (May - July). I applied for PPP#1 and received the max amount for an individual IC ($20,833) to keep things afloat and am in the process of working on forgiveness. Due to A LOT of extra hours, slight backlog of patients and going to a busier location, the tail end of 2020 was much better and due to the extra effort/time compared to normal, my overall 2020 income was only down about 5-10% from the previous year.

Fast forward to the present. Income has improved but still slightly lower than pre pandemic levels. I am debating about whether it makes sense to take the PPP#2 loan. I meet the qualifications of having a 25% reduction in comparable quarters (Q2 2020 vs Q2 2019). I am conflicted between...
a) Apply for PPP loan #2 as I meet the criteria. I don't currently need the loan to keep the business afloat but there's a strong possibility this loan will be forgiven as well and it will help buoy the overall impact of COVID on my personal/business finances.
b) Don't apply for loan #2 out of principle because I can still pay my bills and I do not need the money for my IC business to stay operational.

Essentially I'm trying to see what other docs on this forum have done for their IC business or private practices as I'm sure they are in a similar situation. Take the additional money likely to be forgiven as we meet SBA qualifications vs deal with any "guilt" of taking the money when it isn't 100% necessary to survive. I've had colleagues on both sides of the fence.

was in very similar situation for spouse. we decided to take it. the way to justify it to yourself is, pandemic is still ongoing and there is still economic uncertainty. for example, in the beginning of 2021 cases were still super high and she was taking a hit. this early 2021 financial hit would not be encapsulated in any of the financials for the PPP loan #2, but is still a very real covid-related phenomenon.