Guidance from the Small Business Administration (SBA), the U.S. federal government & banks evolved over time. And a second round of PPP funding round surfaced in early January 2021. PPP Round Two ran out of funding in May 2021.
Similarly one may ask, can I apply for PPP 2 times?
PPP now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP loan with the same general loan terms as their First Draw PPP loan. Second Draw PPP loans can be used to help fund payroll costs, including benefits.
Besides, how long do you have to wait to apply for second PPP loan?
1. Deadline and Fund Availability and Some Lender Requirements: Under the Extension Act, the last day for lenders to submit applications for Second Draw PPP Loans is May 31, 2021, and, the SBA will have an additional 30 days to process the applications submitted before June 1, 2021.
Is there still PPP money left 2021?
As of 5/31/2021 the SBA has disbursed $800 billion of the $813.5 billion so far appropriated by Congress to this program. As of Round Three, $6 billion, or 2 percent of Round Three PPP funding, remain available to the program.
What happens if you get two PPP loans?
There is no risk of being flagged for fraud for applying more than once. In fact, it’s a good idea to apply for your second PPP loan with multiple lenders to maximize your chance of obtaining funding.
Will PPP be extended again after May 2021?
The PPP Extension Act of 2021, which became law on March 30, extends the PPP application deadline to May 31, 2021. … The SBA will continue to accept applications for loans submitted by community financial institutions until this set-aside is exhausted or May 31, 2021, whichever is earlier.