May 5, 2021
SBA Informs That PPP Funds Have Been Exhausted.
The latest Draw of PPP Loans administered through the Small Business Administration (SBA), brings about some key points borrowers need to know:
- For 1st Time Borrowers: PPP loans will be available to businesses that have no more than 500 employees, have not previously received a PPP loan and their business must have been in operation as of February 15, 2020.
- For 2nd Time Borrowers: Businesses can apply for a “Second Draw” PPP loan if they have used all of their first loan or will have by the time of disbursement of the second loan, have no more than 300 employees and can demonstrate a year-over-year quarterly revenue reduction of at least 25%.
While these points will apply to many borrowers, there are some exceptions. For the latest information, please visit the SBA Website.