This week the SBA is accepting applications for the newly funded, additional round of PPP 1st draw and 2nd draw loans for new and certain existing PPP loan borrowers. The additional funding, targeted to provide relief and a less complicated forgiveness process, is part of the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act passed in December 2020 under the gigantic Consolidated Appropriations Act (CAA).
As of today, PPP 1st draw loan applications are being accepted for those who did not receive an initial loan, PPP loan borrowers who previously repaid some or all of their loan amount or initially received less than they were eligible for. Click here for 1st draw PPP loan applications.
On Wednesday, January 13, 2021, PPP 2nd draw loan applications will open for those who previously received a PPP loan and will or have used the full amount for authorized uses only; have had a 25% or more drop in comparable quarterly revenue; and have 300 or fewer employees. Click here for 2nd draw PPP loan applications… READ MORE