Sole-proprietors and independent contractors and gig workers who filed a Schedule C are eligible for up to two draws of $20,833.
Key Qualification for PPP 2.0 or “Second Draw”
Businesses and Non-Profits with 300 or fewer employees can borrow up to $ 2 million provided you can demonstrate a 25% or greater decline in Gross Revenues during any one quarterly period in 2020 compared to the same quarter in 2019
PPP 1.0 Loan Still Open
If you have an existing PPP Loan, then you must have spent your PPP 1.0 money before obtaining PPP 2.0. The bank may want you to submit PPP 1.0 Loan for forgiveness before second draw – make sure you are ready per new forgiveness application form.
New PPP Applicants – “First Draw”
If you have never received a PPP Loan, then you can apply for the current PPP Loan per original rules – no more than 500 employees / up to $ 10 Million Loan Amount
Eligibility Changes & Documentation
SOURCE: SMALL BUSINESS ADMINISTRATION
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