The U.S. Small Business Administration has reopened the Paycheck Protection Program (PPP) loan portal.
First Draw PPP Loans are for those borrowers who have not received a PPP loan before August 8, 2020.
Second Draw PPP Loans are for eligible small businesses with 300 employees or less, that previously received a First Draw PPP Loan and will use or have used the full amount only for authorized uses, and that can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.
If we can be of assistance, please email us.
See earlier COVID-19 updates at www.schenectadymetroplex.org.