If you’re looking to take advantage of the newest round of Paycheck Protection Program (PPP) loans, the time is now!
Here’s what you need to know to take advantage by the March 31 deadline.
Is your business eligible this time?
Employers that previously received PPP loans can apply for a second one with the same general terms.
The maximum draw for the loan this time? 2.4 times average monthly 2019 or 2020 payroll costs, up to $2 million.
Your business is eligible if you:
- got a First Draw PPP Loan and will or have used the full amount for authorized purposes
- don’t have more than 300 employees, and
- demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.