The Paycheck Protection Program round two, or PPP2, funding administered by the Small Business Administration will be available shortly. Loans will be available to first-time borrowers as well as businesses that previously received a PPP loan.
Important Second Draw PPP Loan Information
- Maximum Loan of $2 million.
- Loan amount equals 2.5X average monthly payroll.
- For Accommodation and Food Services businesses loans will be calculated based on 3.5X the average monthly payroll.
- Maximum number of employees is 300.
- Must use or commit to using all of the first PPP loan received.
- Demonstrate a 25% reduction in gross receipts in any quarter of 2020 compared to that same quarter in 2019.
- Simplified application process for loans under $150,000.
- One page certification to reduce complicated loan forgiveness (if qualified).
Thank-you to Tim Bullard of VR in Waukesha, WI, for supplying these easy to follow spread sheets to use for PPP2 funding.
All information is subject to final rules and regulations published by the SBA.