The SBA has announced that the next round of the Paycheck Protection Program (PPP) will open January 11th. The options available are:
- “Second Draw” Loans for businesses who have experienced a 25% decline in gross receipts,
- “Top-up” for original PPP loans where the loan amount would have changed due to new rules that have been released, and
- 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).