...open between March and August 2020 were a historic success, helping 5.2 million small businesses keep 51 million American workers employed.
Second Draw PPP loans are for eligible small businesses with 300 employees or fewer and that previously received a First Draw PPP loan. These borrowers will have to use or had used the full amount of their First Draw loan only for authorized uses and demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. The maximum amount of a Second Draw PPP loan is $2 million.
The Paycheck Protection Program remains open for First and Second Draw PPP loans until March 31, as set forth in the Economic Aid Act, or until Congressionally-appropriated funding is exhausted.