I heard PPP reopened – do I have to apply right now to make sure I do not miss out?
The deadline for all PPP loans to be submitted to SBA is March 31, 2021.
I received a first draw PPP loan – do I have to do anything to receive the second draw?
Yes, action is required, but it is a streamlined process if you go to the same lender. Keep in mind that the first step to receive a second draw PPP loan from your lender is to use the funds from the first PPP loan and submit the forgiveness request.
I applied for the first PPP elsewhere – can I apply for the second draw with another lender?
Yes, but more documentation will be required than if you go to the same lender. Please note that to start we are prioritizing first draw applicants and smaller loan amounts.
Are there any changes in eligibility for this round of PPP?
Yes, some changes have occurred. For example, businesses must be owned at least 51% by US Citizens or Lawful Permanent Residents. Additionally, some other eligibility was expanded, such as to nonprofit organizations. Generally, if you were eligible for a first-round PPP, then you will be eligible for this second round. See Are You Eligible page?
SOURCE: Latino Economic Development Center
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