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January 20, 2021
PPP part II: who is eligible?

Applications for a second draw of the PPP loan are now broadly-available, but the eligibility criteria is more strict. Who can apply? Generally, the second draw is available to small businesses with less than 300 employees that experienced a 25% reduction in gross receipts in a comparable quarter (2020 versus 2019). In addition, the small business must have received and used (or will use) the initial PPP loan for authorized uses.

The maximum second draw amount is $2 million. The total aid package for this round is $284 billion. Once again, applications are made through qualified lenders.

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