The question has been raised as to whether you can apply for both round 1 and 2 during this second round.  The SBA refers to these as First and Second Draws.

The most recent IFR (Interim Final Rule) states, “….a Second Draw PPP Loan may only be made to an eligible borrower that (i) has received a First Draw PPP Loan, and (ii) has used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower.”

The full text can be found here:

Specifically, these details can be found on pages 6 and 7 of the 42-page document.

Of course, the 25% revenue reduction qualifier and other criteria still apply to 2.0.

PPP 1.0 and 2.0 Loans

by | May 18, 2021 | PPP | 0 comments