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Who can apply for a second-round PPP loan?

Any eligible entities* that:

  1. Received a PPP loan during the first funding round in 2020
  2. Are able to demonstrate a revenue reduction of 25% or greater in 2020 relative to 2019. This is calculated by comparing your quarterly gross receipts for one quarter in 2020 with your gross receipts for the corresponding quarter of 2019, or your annual gross receipts for 2020 with your annual gross receipts of 2020.
  3. Have used the full amount of their first PPP loan for authorized uses by the expected date of disbursement of the second draw PPP loan
  4. Have 300 or fewer employees. If you are an employer in accommodation or food services (NAICS code starting with 72), you may have 300 employees at each of your business’s physical locations.

*Eligible entities include for-profit businesses, nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors.

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