Paycheck Protection Program Round 2
The US SBA has re-opened the Paycheck Protection Program (PPP) for new borrowers and certain existing PPP borrowers. This round of the PPP will continue to be processed through participating financial institutions and will be available through March 31, 2021. This round is open to both First Draw PPP Loans and a Second Draw PPP Loan. In general, a First Draw PPP loan is for eligible borrowers who did not receive a PPP loan before the program closed in August 2020. A Second Draw PPP loan is for certain eligible borrowers that previously received a PPP loan and used the full amount of their First Draw PPP loan on authorized expenses, generally have 300 employees or less, and have suffered a 25% reduction in gross receipts.
For additional information on the program, click here