The CRRSAA created the window of opportunity for businesses and nonprofits to utilize getting an additional PPP mortgage if they fulfill particular conditions. The following-mark financing much more targeted than just basic-time PPP funds, in order to be considered, companies need step one) have previously acquired a PPP mortgage and utilized the full count just for registered spends; 2) have under 300 personnel; and you will 3) have experienced a twenty-five% losing terrible invoices through the at least one one-fourth out-of 2020 instead of a comparable quarter away from 2019. The maximum financing size to have another PPP financing is $dos billion in place of $ten million having an initial-date PPP mortgage. Concurrently, the fresh new SBA has created a hub for the 2nd-mark PPP finance which can be useful.
To have first-go payday loans Portland MI online out PPP loans, people and nonprofits basically normally consult a max loan amount off dos.5 times the typical month-to-month 2019 payroll.Continue reading