Small Business Administration (SBA) announced that applications have officially reopened for the Paycheck Protection Program (PPP) for first-time borrowers. Borrowers can apply for a First Draw PPP Loan until March 31, 2021 or until funds have been exhausted, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.
The 2nd round of PPP allows some businesses to apply for a second loan if they meet the following qualifications:
Current economic uncertainty makes the PPP loan necessary to support ongoing operations
The loan you request is $2 million or less
The business has 300 or fewer employees
The business used or will use the full amount of their first PPP loan
The business can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019