Here is all the things we all know now about second-round PPP loans.
Who qualifies for second flip PPP loans
For those who or what you are promoting acquired an preliminary PPP mortgage, you might qualify for a second spherical of financing, supplied you meet the next necessities:
- Have not more than 300 workers.
- You have got used or will use the total quantity of your first PPP mortgage.
- It will possibly present a drop of no less than 25% in annual gross income or for any quarter of 2020, in comparison with the identical quarter of 2019.
- They haven’t closed completely. Companies which have closed or briefly suspended their operations can obtain a second draft mortgage.
Second-line PPP loans can be found to companies, sure nonprofits, freelancers, impartial contractors, sole proprietors, housing cooperatives, small farm cooperatives, veteran organizations, and tribal companies.
Companies that obtain a Save Our Levels grant can’t obtain further PPP loans.
How a lot are you able to get for a second PPP mortgage?
The formulation for second-turn PPP loans is much like that for start-up loans: debtors can obtain as much as 2.5 occasions their common month-to-month payroll value. Common month-to-month payroll prices will be calculated utilizing one of many following: