Should Your Small Business Apply For A Second PPP Loan Through the SBA?
If you think your small business qualifies for a second PPP loan, it’s possible that your application will be approved if your business is still operating with employees and functioning normally. If you haven’t heard the latest news from the SBA (Small Business Administration), the Paycheck Protection Program (PPP) is back with options for more businesses to apply for a second draw of funds. However, you will need to act fast because the application deadline is March 31, 2021, unless it is extended.
As of this writing, I recently learned that the $1.9 Trillion Stimulus Package narrowly passed today and the bill is expected to be signed into law this coming week. $48 billiion was included in the bill to increase small business funding. $25 billion to help restaurants, $15 billion for additional targeted EIDL grants, $1.25 billiion for venue operators, and $7.25 billion for additional PPP program funding. So, I think it’s beneficial to you to apply for the 2nd Draw PPP loan, if you think your small business really needs it. If your small business is part of the restaurant and hospitality industry, then you know it has been hit particularly hard.
