The Paycheck Protection Program ends on May 31, 2021. All eligible entities can apply through a participating lender until then.Loan detailsPPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan.Second Draw PPP loans can be used to help fund payrol( costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.Maximum loan amount and increased assistance for accommodation and food services businessesFor most borrowers, the maximum loan amount of a Second Draw PPP loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. For borrowers in the Accommodation and Food Services sector (use NAICS 72 to confirm), the maximum (oan amount for a Second Draw PPP loan is 3.5x the average monthly 2019 or 2020 payroll costs up to $2 million.\Nho may quatifyA borrower is generally eligible fora 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
SBA is still working to determine an exact reopening date for the Shuttered Venue Operators Grant application portal. As soon as it is confirmed, we will provide advance notice. Also, we are updating the applicant user guide and FAQs to further c(arify information and will post those here in advance of the application portal opening. A(in sa continueisterr a new ac ount.
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