Relevant Topics Impacting Your Business
February 12, 2021 | Issue 151
Eligibility of PPP Loans Round 2
- Must have 300 or fewer employees.
- Must also demonstrate a 25% reduction in revenue in at least one quarter of 2020 compared to 2019.
- Those that applied for loan forgiveness on their first PPP loans are eligible for second-draw loans.
- The SBA is currently reviewing plans for loan forgiveness for the second round of PPP.
How and When to Apply
Those eligible, have until March 31st, 2021 to apply for the 2nd PPP Loan. Similar loan terms as the first PPP Loans. For most borrowers, the maximum loan amount of a Second Draw PPP Loan is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum loan amount for a Second Draw PPP Loan is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million.

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