The U.S. Treasury/SBA is releasing two versions of their new PPP (Payroll Protection Program) forms, one for companies that didn’t apply for PPP help the first time, the other for those that did get loans and intend seeking a second one.
Ben Jones of the F2FEC “Amigos troika,” says the new round offers $284 billion in refundable loans aimed at struggling small businesses.
Eligible second-draw borrowers include businesses that already used up their first PPP loans or will do so soon, have 300 or fewer employees and suffered at least a 25% drop in quarterly gross revenues in 2020 compared to same quarter in 2019.
Operators and FEC owners should watch their emails for word from their banks, or contact the SBA for direct information. As most readers know, these PPP loans can be forgiven by the SBA if all their rules are adhered to.