Updates on Paycheck Protection Program (PPP) – Round 2
- On December 21, 2020, Congress passes the Consolidated Appropriations Act, 2021 (Relief Act) which includes $900 billion in aid to small businesses and individuals.
- Read Title III – Continuing the Paycheck Protection Program and Other Small Business Support section of the Consolidated Appropriations Act, 2021(PDF) for more information.
PPP Round 2 Eligibility
- Eligible entity according to Section 311 – Paycheck Protection Program Second Draw Loans
- Employs no more than 300 employees (exception for industries in NAICS category 72)
- Be able to show a 25% reduction in revenue – Must have had gross receipts during Q1, Q2, Q3 of 2020 that shows not less than a 25% reduction compared to 2019. If the entity was not in business in 2019, the reduction is compared to the Q1 of 2020
- Business types excluded from eligibility
- Businesses created in or organized under the laws of China or Hong Kong, or
- that has significant operations in China or Hong Kong, or
- Entities that are more than 20% owned by businesses in China or Hong Kong
Maximum Loan Amount
- Capped at $2 million