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Can I apply for a second PPP loan through payroll?
If you use your calendar-year 2019 payroll costs to determine both your first and second PPP loan amounts, and you apply through the same lender, you aren鈥檛 required to provide additional documentation to justify your payroll costs. How do I apply for a second PPP loan?
When can I apply for the second draw PPP loan 2021?
The program only runs from January 13, 2021 to May 31, 2021, so submit your application as soon as possible. The Second Draw PPP loan has stricter requirements than its predecessor: Used full amount of First Draw PPP loan on eligible expenses before or by the Second Draw PPP loan disbursal date
Who qualifies for a second round of PPP?
Who qualifies for second-draw PPP loans If you or your business received an initial PPP loan, you may qualify for a second round of funding, provided you meet the following requirements: Have no more than 300 employees. Have used or will use the full amount of your first PPP loan.
Can I increase my PPP loan amount?
If you already applied for and received forgiveness of your PPP loan, you can鈥檛 request an increase. Applying for a second draw loan may be an option. If you鈥檙e a farmer or rancher who received a PPP loan before Dec. 27, 2020, you can request a recalculation of your loan amount based on the new gross income formula. This formula is: