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.