New PPP

[soapy]

My bank just sent out a form to get on the list for possible new PPP program. If anyone is interested check with your bank and get on the list early as there is not as much money available this time.

 

[slash007]

Loans are capped at 2 million this time and you have to show a 25% reduction in income in one quarter this year, so I would expect it to go a long way even thought the overall funds are lower. Good advice to check with your bank now though if interested as you never know.

 

[wyatt]

Same with the new round of EIDL, you have to prove your numbers are down 30%.

 

[washnvac]

It has been a crazy year. Five locations up double digits--- even two locations that were closed for 45 days in the beginning of the pandemic.

Just crazy.

 

[soapy]

Small banks will have a 2day early advantage to offer loans to companies with less than 300 people. Must show a 25% dec;line in business over the time period. Many other new features are also offered.

 

[slash007]

Opens on the 11th, but no idea when the new EIDL advance will open up.

 

[soapy]

The main point I see in PPP2 is that you have to demonstrate a 25% reduction in revenues between 2019 and 2020 either in the overall year or quarters to apply for the loan and forgiveness. Income revenues will be used to determine the 25% so I think most car washes will not qualify for the forgiveness portion but you still may get a 1% loan for up to 2.5 X your monthly payroll.

 

[slash007]

Actually most car washes won't qualify at all for the PPP unless they can show they were down 25% in at least one quarter. Once you qualify, forgiveness is easy. Just use it on payroll and other approved items over 24 months, which any business or car wash that is still in operation will do naturally.

 

[Earl Weiss]

Actually most car washes won't qualify at all for the PPP unless they can show they were down 25% in at least one quarter.

In Chicagoland the Lock down of all but essential businesses in March through June reduced traffic and as a consequence - wash volume and income greatly. Even Gasoline sales were down by volume 25% plus overall. So, demographics may play a part in which areas may have qualifying car washes.

 

[slash007]

In Chicagoland the Lock down of all but essential businesses in March through June reduced traffic and as a consequence - wash volume and income greatly. Even Gasoline sales were down by volume 25% plus overall. So, demographics may play a part in which areas may have qualifying car washes.

True, and in some areas even washes had to shut down for a while, so they should qualify as well.

 

[jasonHTCW]

25% reduction. I'm out! We had a 12% increase. We did shutdown our vacuums for 45 days but the wash never closed. Praying for all the washes that have been hit hard with the pandemic. We are having to do some creative marketing to bring in extra customers but I think it will pay off in the long run. Have a wonderful weekend!

 

[Robert2181]

I believe its 24 weeks that you have to use for payroll!