To qualify for a second PPP loan, you must generally meet the following qualifications:
To qualify for a Paycheck Protection Program loan for the first time, you must be a small business as defined by the SBA. This includes:
- Small businesses or non-profit 501(c)(3) organizations with 500 or fewer employees
- Small businesses, 501(c)(19) veteran’s organizations or tribal concerns that meet the SBA size standards.
- Sole proprietors or independent contractors.
- Businesses in the food or hospitality industry (NAICS codes beginning in (72) may be eligible on a per location basis.
- In addition the normal affiliation rules are waived for franchises or businesses receiving financial assistance from a Small Business Investment Company.
- The business must be in operation by February 15, 2020 and impacted by the coronavirus crisis.
In addition:
The business may not have more than 300 employees and
The business must have at least a 25% reduction in revenues in at least one quarter in 2020 when compared to previous quarters.
Businesses with multiple locations that qualified under the CARES Act may qualify for a second draw provided they employ fewer than 300 people in each location. Affiliation rule waivers from the CARES Act still apply.
Self employed individuals and independent contractors may apply.