Funding

Payroll Protection Program 2

Opens Monday, January 11th for first time PPP borrowers (financial institutions can begin making loans)

Opens Wednesday, January 13th for second time PPP borrowers (financial institutions can begin making loans)
The forgivable PPP loans will open to all lenders “shortly thereafter”
The closing date for the new PPP is March 31
Loan covered period to be any length between eight and 24 weeks to best meet their business needs
To be eligible for full loan forgiveness, borrower will have to spend at least 60% of their loan on payroll over covered period
Additional expenses eligible are operations expenditures, property damage costs, supplier costs, and worker protection expenditures
Clearer definition of seasonal employees
Existing PPP borrowers are eligible to apply for a second PPP loan
Permanently closed businesses do not qualify
Loans over $150,000 will have to provide the documentation to show the decline of 25% gross revenue
Loans below $150,000 will have to provide the documentation upon or before seeking loan forgiveness for the second draw

ELIGIBILITY:

Up to $2 million to borrowers
300 or fewer employees
NAICS 72 (restaurants, venues, etc.) have 500 or fewer employees
Now eligible are 501 (c)6, housing cooperatives, direct marketing organizations
Business must have been in operation no later than February 15, 2020
Used or will use the first PPP loan full amount before expected date of the second PPP loan
Had to have had at least a 25% revenue deduction in all or part of 2020 compared to all or part of 2019 (full year or any quarter of 2020 compared to equal quarter of 2019)

DOCUMENTS: