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The stimulus package signed into law on December 27, 2020, includes provisions for another round of PPP lending. The "Second Draw PPP" will generally have the same terms and conditions available under “First Draw PPP.” A borrower is generally eligible for a Second Draw 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.
If you need help navigating the PPP Loan process, feel free to reach out to your commercial lender with any questions.