Interesting, I didn't realize that.
Isn't the simple way to go off of 2019 numbers?
I actually averaged quite a bit more in Jan-Feb 2020 than my monthly average in 2019, but I thought that complicates things, especially since I opened entity in 2020. I'm worried about risking something more complicated, because if I get denied, I'll miss the deadline and won't be able to apply again.
What do you say? And which bank would you recommend I use?
Sorry I misread your post... thought you opened your businesses in late 2019.
If it's different entities and the one in 2019 is no longer in operation, and only the one in 2020 is you might need to apply based on 2020 (I'm not sure about a sole prop that is technically always in operation). If they're the same entity (same EIN) you should apply using 2019.
My go-to bank rec is BlueVine (other than K-1 1065) and Kabbage.
Note that BlueVine will give you an answer within an hour or two so no need to worry about getting any closer to the deadline.
Wondering about the legality/possibility of applying for both entities (if they are indeed separate entities).
If you receive the max $20,833 from one entity there's no point in going for both, but if you don't receive the max perhaps it might be accepted practice (just like if someone had two separate Schedule Cs in 2019 for different entities). Not 100% sure on this...