Many of me fellow small business owners have been chatting about what the requirements are to see if their business are eligible for a second round of Payroll Protection Program. The SBA has provided a brief one page factsheet here, but here’s the highlights:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses;
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters
in 2019 and 2020.
If you wish to get into the regulatory weeds of the program you can find the details here . Reach out to your bank and see if they are participating in the program, or give us a call and we can connect you with one that is. I encourage all business owners to use whatever facilities are at their disposal during these trying economic times to keep their companies afloat, and their people employed. As always, if you have any questions you can call us here at the office.
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