Qvinci has created an easy-to-use Second Paycheck Protection Program (PPP2) Eligibility Analysis Report Template that allows users to create a simple to use report to determine whether any of your business units met the 25% threshold requirement in gross receipts (income) reduction.
A Video Introduction to the PPP2 Eligibility Analysis Report
The Consolidated Appropriations Act, 2021 (the "CAA"), signed into law on December 27, 2020, provides, $284 billion for small businesses through a second round of Paycheck Protection Program ("PPP"), or as some are calling it, the PPP2.
For purposes of the new Qvinci Report, the CAA allows eligible small businesses to apply for a loan of up to $2 million. To be eligible for the PPP2 loan, the borrower must:
- Have 300 or fewer employees; and
- Have suffered a 25% or higher reduction in gross receipts during any calendar quarter in 2020 compared to the same quarter in 2019; and
- Have used or will use the full amount of their first PPP loan
The new Qvinci report is here solely to determine whether your clients, franchisees, dioceses, churches, schools, or other business units (unlimited at Qvinci) meet the 25% or higher reduction in gross receipts (income) test. Eligible businesses like franchises, multi-unit franchises, diocese and any other single or multi-unit business may qualify for the PPP2 provided they employ less than 300 people in each location. SBA size standards still apply, and applicants must still aggregate applicable affiliates when determining if it qualifies as a "small business." The CAA also affirms eligibility to certain organizations such as churches and other religious organizations with less than 300 employees, certain news organization, but also disqualifies certain organizations.
Using the PPP2 Eligibility Analysis report is a simple process
- Set Filters (125 Entities at a time)
- Open the PPP2 Eligibility Analysis Report
- Export to Excel or PDF
- Set Gross Receipts Reduction Threshold Percentage (Default is 25%)
1. Filter Entities
Step 1. Log in to your account via web.qvinci.com
Step 2. Click on ‘Reports & Libraries’ on the left navigation bar
Step 3. Select ‘Libraries’ on the drop-down menu
Step 4. Navigate to the top of the page and click ‘Filter Entities’
Step 5. Filter the desired entities and click the ‘Apply Filters’ button
❗ NOTE: The PPP2 Eligibility Analysis report is capable of displaying up to a maximum of 125 entities. For additional entities, run this report in individual sets of 125.
2. Open the Eligibility Analysis Template
Step 1. Navigate to the ‘Qvinci Gallery’ tab
Step 2. Search for ‘BI-PPP2 Eligibility Analysis (S)'
Step 3. Click on the Preview button located to the right of the title
Using the PPP2 Eligibility Analysis Report
1. Export to Excel
Step 1. Once the report is Open, you can export to Excel using the Export to Excel button located on the bottom left navigation bar
Step 2. Open the exported Excel file
Step 3. Any reductions of at least 25% in Gross Receipts (Total Income) will be highlighted in red
2. Set Gross Receipts Reduction Threshold Percentage
Step 1. If needed, you can modify the Gross Receipt Reduction Threshold in cell B5
❗ NOTE: The only reason to change the Gross Receipts (Income) Reduction Threshold Percentage is if Congress or the Small Business Administration changes the percentage requirement. If you want to change the percentage requirement, you must download the report to Excel and make the changes in the spreadsheet. It cannot be changed in the Qvinci Report Editor.
3. Export to PDF (optional)
Step 1. Once the report is Open, you can export the report to PDF using the Export to PDF button located on the bottom left navigation bar
Disclaimer: This report assumes that all accounting files used are up-to-date, accurate, and complete in all material respects before this report is run. The sole purpose of the report is to determine whether an otherwise “eligible recipient” in the second round of the Paycheck Protection Program (“PPP”) provided by the United States Small Business Administration meets the 25% quarterly gross receipts requirement. All such rules are subject to change. This report shall not guarantee any funding. Further, Qvinci shall not be held liable for any damages in contract, tort, or otherwise from the use of this report or any data contained in this report, or from any decision taken as a result of using this report. Everyone should consult with their attorneys, tax advisors, and lenders to determine if they qualify for a forgivable PPP or PPP2 loan.
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