These second draw PPP funds was susceptible to new eligibility requirements, like the pursuing the:
Simultaneously, borrowers whom in the past removed and came back good PPP loan can also be pertain once more towards the difference in (1) the mortgage count they hired and you may (2) extent they may today qualify to locate
- Qualified borrowers is capped from the just about three hundred team (unlike 500); not, borrowers that have over three hundred group but whoever top globe is in NAICS group 72 (apartments and dinner solution) and this have no over 3 hundred personnel for every actual location will in addition be eligible. The fresh SBAs affiliation rules always implement, but when it comes to certain excluded businesses as the talked about right here .
- Eligible borrowers have to have had terrible receipts within the very first, 2nd, or third quarter of 2020 (or for finance shortly after ) that show no less than a 25% cures compared to exact same one-fourth when you look at the 2019 (or, if the borrower was not operating in the 2019, a twenty-five% losing the next, third, otherwise fourth one-fourth from 2020, compared to the first one-fourth of 2020). The SBA may need documentation substantiating the brand new cash loss as an ingredient of your financing forgiveness techniques.
- Particular providers designs are specifically excluded from eligibility, no matter what the number of personnel or cash losses. Read more
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