This week, the Small Business Administration (SBA) announced that applications have officially reopened for the Paycheck Protection Program (PPP) for first-time borrowers. Borrowers can apply for a First Draw PPP Loan until March 31, 2021 or until funds have been exhausted, through any existing SBA 7(a) lender or through any federally insured depository institution, federally insured credit union, eligible non-bank lender, or Farm Credit System institution that is participating in PPP.
The 2nd round of PPP allows some businesses to apply for a second loan if they meet the following qualifications:
- Current economic uncertainty makes the PPP loan necessary to support ongoing operations
- The loan you request is $2 million or less
- The business has 300 or fewer employees
- The business used or will use the full amount of their first PPP loan
- The business can show a 25% gross revenue decline in any 2020 quarter compared with the same quarter in 2019
PPP 2nd Round applications can be found here. Translations of the form can be found here. The SBA will continue to post updated information around guidance and eligibility here. NPNA also created PPP 2nd Round Infographics in English here and Spanish here.
Also, to learn more about the 2nd round please join the upcoming webinar, Paycheck Protection Program Round 2: Updates & Guidance for Non-Profit Organizations & Small Business Borrowers on Tuesday, January 26th at 12:00 PM EST - REGISTER HERE. (more information below) Feel free to share with your networks and use the attached graphic.
On a related note, NPNA also created a Stimulus Check FAQ in Spanish and English that covers questions related to the latest stimulus.