After a long wait and months of debate, the Paycheck Protection Program (PPP) is setting forth on its second round.
Congress has allotted $284.5 billion for PPP loans, with $137 billion set aside for “second-draw” loans for firms that need help beyond their initial loan to seek additional aid.
The rules have been tweaked this time around to favor genuinely imperiled small- to medium-sized businesses (SMBs). Firms looking for a second round of funds must be able to prove they’ve used (or mostly expended) their first loan; demonstrate a drop of 25 percent in gross annual receipts for a quarter of 2020; and refrain from receiving funds from other federal programs like Save Our Stages Grants (also provided in the second-round stimulus).
Read the complete article and watch the video at pymnts.com