This clarification will help ensure program integrity by preventing borrowers from receiving a second PPP Loan if they have not complied with PPP loan program requirementsįor more details of eligibility for second draw PPP loans, including certain exclusions, see our FAQ guide about eligibility requirements for Second Draw PPP loans. You have spent the full amount of your first PPP Loan on eligible expenses under the PPP rules.Your business has received a “first draw” PPP loan and has used, or will use, the full amount of the initial PPP funding on or before the expected date on which the Second Draw PPP Loan is disbursed to you, and.Your business experienced a 25% revenue reduction in 2020 relative to 2019 (described further below), and.Your business has 300 or fewer employees, and.The Economic Aid Act generally provides that you are eligible for a “Second Draw” PPP Loan only if: In general, the Economic Aid Act made the eligibility requirements for Second Draw PPP Loans narrower than the eligibility requirements for first draw PPP Loans. Learn more, plus get free reputation monitoring and customer insights when you sign up for Womply Free ! Who is eligible to apply for a second draw PPP loan? Womply has made email marketing truly automatic for busy small business owners and all types of independent contractors. (For full details, refer to the SBA’s document regarding second draw PPP loans. Let’s go over what you need to know if you want to apply for a second draw PPP loan. But more importantly for those who have already applied for PPP loans in 2020 and been funded, the 2021 bills allows you to apply for “second draw” PPP loan as long as you meet certain qualifications. President Biden has signed into law a bill extending the PPP program application window until May 31, 2021, so if you haven’t applied, you need to get on that ASAP. How do I demonstrate a quarterly 25% reduction in revenue if I don’t have accurate quarterly records?.What are the application requirements for a second draw PPP loan?.
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