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Additional PPP funding for small businesses has been approved
As you may know, a second round of the Paycheck Protection Program is now available. The rules have changed from the first round, so we want to make sure you have the most up to date information based on the new legislation.
Here is what you need to know:
- You can still apply for the first round of funding if you have not yet received a PPP loan
- Existing PPP borrowers may apply for a second PPP loan
- Round 1 and Round 2 loans can be used for payroll and overhead
- The 2nd round PPP loan offers funds to businesses under 300 employees, with loans calculated at 2.5 times payroll, 3.5 for select industries
- For Round 2, businesses must demonstrate at least a 25 percent reduction in gross receipts in any quarter of 2020, including fourth, relative to the same 2019 quarter
To start your 1st or 2nd round PPP loan application, click on the link below. Our lending experts at Newtek Business Finance Solutions are committed to helping you understand the process required to gain this valuable funding.
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If you have any questions regarding PPP loans please send an email to info@newtekone.com
Regards,
Newtek Technology Solutions
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