Having multiple lenders submit a loan application to the government on your behalf will trigger a fraud alert,says Ami Kassar,Inc. columnist and founder and CEO of MultiFunding,a small-business loan adviser.You cannot get more than one loanunder the $349 billion Paycheck Protection Program.
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Can you get two PPP loans in a row?
Small businesses that never got a Paycheck Protection Program over the summer might be able to get two PPP loans in a row this time around 鈥?if they act fast, experts say. That would mean getting a PPP loan, spending it and applying for a second PPP loan before the program expires.
What is the maximum loan amount for a PPPP loan?
PPP loans fall under the SBA 7 (a) loan program. Normally the maximum loan amount under that program is $5 million. The SBA is very clear that 鈥淚f affiliation exists, SBA鈥檚 loan maximums apply to the applicant business, including all affiliates, as if all were a single business.鈥?/div>Can I Apply For EIDL or PPP For Multiple Businesses? | Nav
Is the PPP program still available 2021?
The 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.
What can I use PPP loan proceeds for?
In addition to payroll, rent, covered mortgage interest, and utilities, the Paycheck Protection Program will now let you use loan proceeds for: 1 The percentage of both first- and second-draw PPP loans that must be used for payroll expenses.