Stimulus Second Round Ppp

The rules refer to first round ppp loans as first draw ppp loans and this second round as second draw ppp loans.

Stimulus second round ppp. Second stimulus act revives ppp loans. Borrowers can receive up to 2 5 times their average monthly payroll costs. Charitable nonprofits may qualify for an additional ppp loan second draw of up to 2 million if they a employ 300 or fewer employees and b experience a decline in gross receipts of 25 in one of the four quarters in 2020 compared to the same quarter in 2019.

Second round of ppp loans approved by congress in new covid 19 stimulus bill congress has approved a 900 billion package designated to aid american households and small businesses currently struggling with the pandemic s economic effects on the night of december 21 2020. Here are all the details small businesses need to know. Could give 1 875 stimulus checks for 8 months for same cost.

The so called ppp second draw is intended to provide loans with a maximum amount of 2 million for smaller and harder hit businesses that previously applied for and received ppp funding. Congress at last passed a second stimulus bill this week as of this writing it is still awaiting president trump s signature and it includes a second round of ppp loans for affected small.