After the passing of the Consolidated Appropriations Act of 2021 (CAA) passed in December 2020, businesses were eyeing the second coming of the federal Paycheck Protection Program loan program. On Jan. 19, all eligible lenders were able to apply for the second round of PPP loans. Below is a document that lays out the rollout schedule of the second round of PPP loans and the eligibility requirements a lender must meet to receive a Second Draw PPP loan.
Keep in mind, if your business has not applied for any PPP loan yet, you may apply for a First Draw loan at this time. However, you must meet the eligibility requirements for a First Draw PPP loan and not the Second Draw PPP loan requirements listed below.