The PPP Thread

[GastroMastro]

I applied a few weeks ago for a 2nd draw. Haven't hard anything yet besides "no we have your application, everything is there". Not sure if I'll qualify in time.

Go with another bank?

[docnews]

I applied a few weeks ago for a 2nd draw. Haven't hard anything yet besides "no we have your application, everything is there". Not sure if I'll qualify in time.

It took sometime even though I applied as early as my online lender opened. Also they asked for more stuff later because of changes made by SBA, I believe.

[James21]

More of a non-financial question but I am a part-owner of a dental practice and received the first PPP loan (and was extremely grateful to have it bridge the gap). I hadn't considered applying for the second PPP loan because at the time, our practice has been able to carry on relatively normally (with slightly increased overhead and slightly increased patient cancellations due to COVID or COVID-exposures). When we met with our accountant, he recommended we apply for the 2nd round of PPP because we would qualify with the 25% reduction in the second quarter. I feel a little odd applying for and receiving money that we don't technically "need" but would likely be entitled to through their qualifiers. Has anyone else run into this issue and how have you gone through it? On the flip side, I do expect that taxes, etc. will rise and I will ultimately be paying the money back (though along with everyone else who didn't also get a 2nd round of PPP funding).