Is the 2nd PPP application available?

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Certain hard-hit businesses are eligible to receive a second PPP loan under the new COVID relief package. … The application for “second-draw” loans opened to all eligible borrowers on Jan. 19. The deadline to apply is May 31, 2021.

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Moreover, can you get 2 PPP loans 2021?

You can’t apply for a first-draw PPP loan AND a second-draw PPP loan at the same time, but if you act quickly, you can get your first draw funding and spend it in a legal fashion (i.e., on payroll expenses—which in the case of independent contractors, eligible self-employed individuals, or sole proprietors means paying …

Hereof, how do I apply for $10000 Eidl grant? If you previously applied for an Economic Injury Disaster Loan, you will receive an invitation by email inviting you to apply for the targeted grant. If you have not yet applied for EIDL you can do so at SBA.gov. If your business appears eligible, you will be invited to apply for the Targeted Advance.

Herein, how do I apply for a second PPP loan?

Filling out the PPP second-draw loan application

  1. Your business information. …
  2. How to calculate your monthly payroll and your PPP loan amount. …
  3. Find and fill in your PPP first-draw SBA loan number. …
  4. Filling in the section on the 25 percent revenue reduction. …
  5. Gross receipts. …
  6. Time frames for the calculation.

Is it too late to apply for a second PPP loan?

It’s not too late to apply! IMPORTANT UPDATE FOR 2021: President Biden has signed an extension of the PPP loan program until June 30, 2021.

1 Related Question Answers Found

Who is eligible for the second round of PPP?

Eligibility requires a business to have 300 employees or fewer. Also, the business must have a 25% decrease in any quarter’s gross receipts from 2019 to 2020, which shows the company has experienced financial hardship. Gross receipts include all revenue, including interest and dividends.

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