As of today, Tuesday, January 19, all participating PPP lenders are now able to submit both 1st & 2nd draw loan applications to the Small Business Administration (SBA). Contact your financial institution to verify if it is an SBA-approved PPP lender and if it is currently accepting PPP applications.

• Available to first-time qualified borrowers
• Available to borrowers that previously received a PPP loan
• Second-time borrowers must have 300 or fewer employees, and before applying for forgiveness, borrowers must prove that they saw a 25% reduction in gross receipts during a quarter in 2020 compared to the same quarter in 2019

• The maximum loan amount in the second round is $2 million. Click here to learn how to calculate maximum loan amounts according to each business type.
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• MAXIMUM LOAN AMOUNTS FOR HOSPITALITY INDUSTRY
  Borrowers that have NAICS Code 72 (typically restaurants and hotels) are permitted to use a 3.5x multiplier of their average monthly payroll costs to calculate their maximum loan amount, subject to the $2 million cap.

As a reminder, PPP loans are designed to be 100% forgivable if the proceeds are spent in accordance with program rules. Additional Paycheck Protection Program Round 2 highlights and immediate information can be found in the National Law Review.

As during the initial round of PPP loans in 2020, the SBA will not accept PPP applications directly from small businesses during the current 2021 round — you must apply through a participating financial institution (click here for a list). The program is expected to close to all borrowers on March 31.