Portland, OR, February 17, 2021 —By now, you’ve likely heard about the SBA’s second round of the Paycheck Protection Program (PPP) being open to businesses…but did you know that this second round of PPP, can be partially used to cover software expenses, like AgencyStory®?
As per the SBA, the second round of PPP includes the ability for recipients to use up to 40% of the loan towards “any business software or cloud computing service that facilitates business operations, product or service delivery, the processing, payment, or tracking of payroll expenses, human resources, sales and billing functions, or accounting or tracking of supplies, inventory, records and expenses.”
This may be an excellent opportunity to invest in a business intelligence solution that helps leadership improve the speed and quality of decision making, something vital to staying ahead of the curve during these challenging times!
As AgencyStory® is designed to help improve your business’s operations, it falls squarely within the definition outlined above! This could be the perfect opportunity for your agency to access this industry-specific business intelligence software to align your leadership team and measurably improve your agency’s organizational agility and operational resilience!
If you already applied for and received a PPP Loan in the first round of funding last year, then the requirements to receive a second round of funding include:
- Must have fewer than 300 employees.
- Must have experienced a revenue reduction of 25% or more in 2020, as related to 2019.
- “…gross receipts in any calendar quarter of 2020 were at least 25 percent lower than the same quarter of 2019. Alternatively, compare annual gross receipts in 2020 with annual gross receipts in 2019.”
- Note: there are different calculations that can be used for businesses who were only in operation for some quarters of 2019; see How to Calculate Revenue Reduction and Maximum Loan Amounts including What Documentation to Provide documentation from the SBA.
- “…gross receipts in any calendar quarter of 2020 were at least 25 percent lower than the same quarter of 2019. Alternatively, compare annual gross receipts in 2020 with annual gross receipts in 2019.”
- Must have used, or will use, the full amount of your first PPP Loan by the date you expect to receive disbursement of second PPP loan proceeds.
- 60% of any second PPP loan proceeds must be used for payroll costs.
find out if you qualify for this second round of PPP, as it could be a great way to not only get federal assistance with your payroll, but also subsidize the adoption of a solution like AgencyStory® to enhance your competitiveness and emerge stronger as the economy recovers! To find out more about AgencyStory®, drop us a line HERE!
About Creative Performance Inc.
Creative Performance Inc. (CPI) is the leading consulting firm focused exclusively on improving the operational and financial performance of marketing, advertising, and media agencies. Headquartered in Loveland, Colorado, CPI specializes in agency performance audits, financial optimization, and Workamajig consulting services, helping agencies increase profitability, efficiency, and organizational visibility.
