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The Second PPP has given a lot of businesses hope of lasting at least another 6 months to a year.
What qualifies you?
Keep in mind that we have seen many revisions of loans since the beginning of the pandemic, but as of today - If you experienced revenue/gross sales reduction of 25% or more in any one quarter of 2020 compared to the same quarter in 2019, you can apply. You also have less than 300 employees and you used the first PPP loan responsibly. Keep in mind you will have to sign off that your claim is honest and valid.
How much can i get?
For accommodations/hotels and food services, the amount would be 3.5 times your payroll monthly average for 2019 or 2020.
For everyone else, the amount would be 2.5 times your payroll monthly average 2019 or 2020.
How can I spend it?
Like the first PPP you can use the amount given for payroll, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
How do I get this? Contact your bank or a lender you have a relationship with.