The new CRRSAA developed the chance for people and you will nonprofits to make use of to possess a moment PPP financing whenever they fulfill particular criteria. The next-draw funds be much more directed than earliest-date PPP fund, also to meet the requirements, organizations need certainly to 1) have received a great PPP loan and you can made use of the full amount only for registered spends; 2) possess under 300 personnel; and you may 3) have seen a 25% lack of terrible receipts through the one one-fourth out-of 2020 in place of a similar one-fourth from 2019. The most mortgage dimensions having one minute PPP financing try $2 billion versus $10 million getting a primary-big date PPP loan. At exactly the same time, brand new SBA has established a center toward 2nd-mark PPP money which might be useful.
To possess very first-date PPP fund, businesses and you can nonprofits basically can consult a max loan amount from 2.5 times the average month-to-month 2019 payroll. Insurance policies costs is used in payroll costs. The SBA is served by composed an explainer to own earliest-day PPP financing that outlines calculations for different brand of organizations.
To have next-mark PPP money, maximum loan amount is computed since the dos.5 times mediocre monthly 2019 or 2020 payroll costs for a beneficial limitation away from $dos billion. Continue reading How can i determine the absolute most getting my PPP loan?