PPP Round 2

PPP Round Two

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

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