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.
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.