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SBA Announces Second Round of PPP COVID Assistance Relief

Small Business Administration announced that the second round of PPP* will re-open the week of January 11, 2021 for new borrowers and certain existing PPP borrowers. To promote access to capital for underserved communities, only community financial institutions will be able to make First Draw PPP Loans on Monday, January 11, and Second Draw PPP Loans on Wednesday, January 13. The PPP will open to all participating lenders shortly thereafter.
 
Eligibility:

  • 300 or less employees
  • If received prior PPP Loans, must have used or will use total amount of the original PPP loan
  • Must show 25% reduction in gross receipts/revenue in comparison with any quarter of 2020 to the same quarter in 2019
 
Loan Terms:
  • Loan Amount- 2.5x average monthly payroll based on the 1 year prior, up to $2,000,000
  • Accomodations & Food Service with a NAICS Code 72 may receive loans up to 3.5x instead of 2.5x
  • Seasonal Employers can calculate maximum loan amount based on a 12 week period between 2/15/19 through 2/15/20
  • For Loans at $150,000 & under, entities may submit certification attesting they meet revenue loss requirements
 
Additionally, The National Restaurant Association has created a PPP User Manual to help restaurants and other small businesses navigate this second round of PPP. 

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