In an effort to simplify the process and help business owners gather information about the new round of PPP in 2021 we will be providing links to training resources and other information as it becomes available.
Update 2/11: Round 2 of PPP is off to a slow start but here are the top national lenders by net dollars lent thru 1/31/21, according to the SBA website. Below is an article detailing some additional information on Round 2 of the PPP.
Additional notes for this Second Round of PPP, per information gathered from www.SBA.gov:
- The maximum loan amount for Second Draw PPP is 2.5x average monthly 2019 or 2020 payroll costs up to $2 million. For Accommodation and Food Services, the max Second Draw PPP is 3.5x average monthly 2019 or 2020 payroll costs up to $2 million
- To qualify you also need to demonstrate a reduction of gross receipts of at least 25% between comparable quarters in 2019 and 2020.
- The First Round usage will have used or will use the full amount for authorized usages.
- Must have less than 300 employees.
Looking for Lenders is a tool provided by the SBA: https://www.sba.gov/funding-programs/loans/lender-match
Update 1/26: SBA is having issues around accepting applications from banks. Patience while going through the process.