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People also ask
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
Are you eligible for PPP loan forgiveness in 2021?
The Paycheck Protection Program (PPP) ended on May 31, 2021. Existing borrowers may be eligible for PPP loan forgiveness. SBA also offers additional COVID-19 relief. PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan.
How much can you borrow for a PPP loan?
Hotels, restaurants and other accommodation and food service businesses can borrow up to 3.5 times their average monthly payroll costs. Unlike initial loans, the maximum amount for second-draw PPP loans is just $2 million.