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PPP Round 2 will open the week of January 11th

The SBA has announced that the next round of the Paycheck Protection Program (PPP) will open January 11th. The options available are:

  1. “Second Draw” Loans for businesses who have experienced a 25% decline in gross receipts,
  2. “Top-up” for original PPP loans where the loan amount would have changed due to new rules that have been released, and
  3. Businesses that did not apply for the first draw of the PPP

Second draw recipients must show that they spent the full amount of the first draw on eligible expenses.

More information on the second draw loans can be found here: https://www.sba.gov/document/policy-guidance-ifr-paycheck-protection-program-ppp-second-draw-loans

More information about the first draw loans can be found here: https://www.sba.gov/document/policy-guidance-ifr-paycheck-protection-program-ppp-amended-economic-aid-act 

You will apply through your Bank (just like you did for the first round).

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