When the Economic Aid Act was passed on December 27, 2020, the legislation gave SBA 10 days to provide guidance on the contents and execution of the bill. With the opening of applications for CDFI lenders going live this week, it should not be much longer before the program is opened up to the vast majority of lenders and borrowers.
with a provisional PPP application. Once the pre-application process is complete, applicants will be able to submit their funding request as soon as the SBA and the Treasury Department open up the program.Businesses may qualify for a second PPP loan by showing a 25% decrease in revenue. According to the latest Interim Final Rule on second draw PPP loans, revenue is captured using gross receipts.
If my company took the maximum 2.5x payroll in the first round, am I still eligible for a second PPP loan?
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Putting this article behind a pay wall is an embarrassment! Biz owners are broke and scrambling for info. Not to mention we don't have disposable $ to afford this. Your priorities do not match pur reality. You should be ashamed
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