Everything you need to know in applying Second-Draw PPP Loan

If you have struggled to get your PPP loan applications in during the 1st round, that’s because you haven’t hemmed up the paperwork. Don’t let that stand in your way again.

Those who’ve exhausted the PPP 1st loan, can avail yet another chance to give it a shot for the refundable loan which is aimed at struggling hotel businesses.

Eligibility for the 2nd draw loan comes down to 3 things: Firstly, you need to have an earlier PPP loan already exhausted, or will do so soon. Secondly, you need to acquire 300 or fewer employees. Lastly, you must have experienced at least 25% of revenue loss in any quarter in 2020 versus 2019.

According to the latest guidance, you may also use an annualized number for the full 2020 year over 2019. Besides jumping right into the second-draw PPP borrower application form, here’s the walkthrough video which is given in step-by-step regarding NEW PPP 2.0 loan application. Check it out!

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