This type of “second draw” PPP funds was susceptible to the newest qualifications conditions, like the pursuing the:
Additionally, individuals just who in the past removed and came back a beneficial PPP mortgage can incorporate once again with the difference between (1) the loan count it chose and (2) the quantity they might today qualify to find
Qualified individuals is actually capped at the only about 300 staff (in place of five-hundred); not, borrowers having more 300 personnel but whoever number 1 business is during NAICS group 72 (renting and you will dining solution) and this have no over three hundred team per real area is likewise qualified. Brand new SBAs “affiliation” regulations consistently incorporate, but when it comes to particular omitted enterprises due to the fact chatted about here .
Eligible consumers have to have had gross invoices during the first, second, or 3rd quarter off 2020 (or fund once ) that demonstrate no less than a twenty five% avoidance compared to same one-fourth inside 2019 (or, in the event your debtor wasn’t running a business from inside the 2019, a 25% loss in next, 3rd, otherwise next one-fourth off 2020, as compared to basic quarter from 2020). The latest SBA might need paperwork substantiating the latest money losings as part of your own financing forgiveness procedure.