Second Draw PPP
This new legislation also establishes a new PPP program that allows certain entities to apply for a second PPP loan. To qualify, businesses would have to:
- Employ 300 or fewer workers (reduced from the current 500-employee level).
- Demonstrate they had at least a 25% reduction in gross revenue during one quarter in 2020 compared with the same quarter in 2019.
- Exhaust their first PPP loan before receiving a second one.
For more information, please visit theSmall Business Administration’s (SBA) Paycheck Protection Program website.