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How to determine the maximum amount to own my PPP financing?

How to determine the maximum amount to own my PPP financing?

The newest CRRSAA developed the chance of people and nonprofits to use to own an additional PPP loan when they fulfill particular criteria. The following-mark money become more focused than just basic-big date PPP loans, and to qualify, organizations have to step one) have already obtained a PPP mortgage and made use of the complete amount only for licensed uses; 2) features fewer than three hundred professionals; and you may step 3) have seen a twenty five% reduced gross invoices throughout the a minumum of one quarter of 2020 instead of a similar quarter off 2019. The most mortgage proportions having another PPP loan are $2 billion in the place of $ten billion for a primary-date PPP loan. At exactly the same time, new SBA has created a hub towards the second-mark PPP fund that is certainly beneficial.

Getting first-date PPP financing, organizations and nonprofits essentially is demand a max amount borrowed away from dos.5 times an average monthly 2019 payroll. Insurance coverage money can found in payroll costs. The fresh new SBA even offers written an enthusiastic explainer to possess basic-big date PPP funds you to definitely lines data for different version of businesses. Continue reading How to determine the maximum amount to own my PPP financing?