WASHINGTON (Nexstar) – Small businesses can now apply for the second round of PPP loans starting Friday, January 15th, according to the Small Business Administration. Lenders with less than $1 billion in assets can start applying now. Starting Tuesday, lenders of all sizes will be able to apply for the loan.
Businesses that were approved for the first round of loans can still apply for the second round. According to the SBA, a borrower is eligible for second PPP loan if the borrower:
- Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
you can apply for a Second Draw PPP Loan from January 13, 2021, until March 31, 2021.
For more information on how to apply, click here.