Payroll Entities Only
This email is for small business owners, farmers, self-employed, other entities who pay payroll.
As many of you have heard Congress passed another stimulus bill and allocated money to PPP Loans (Paycheck Protection Program). This is referred to as Second Draw PPP Loans or PPP2.
Who may qualify
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
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020
- Willing and able to honestly say, “Current economic uncertainty makes this loan request necessary to support the ongoing operations of the applicant”
BANKING INSTITUTION FIRST
If you think you may qualify, THE FIRST STEP is to contact your banker/loan officer for additional information.
WEBSITE TO LEARN MORE
Contact your GBE advisor if professional assistance is required.