A third round of Paycheck Protection Program (PPP) loans was authorized by the passage of H.R. 133: Consolidated Appropriations Act, 2021 into law on Dec. 27, 2020.
Changes made by the Biden administration provide targeted assistance to very small businesses and previously underserved individuals.
First-Draw PPP loans are available for the lesser of $10 million or 2.5 times your average monthly payroll.
Second-Draw loans up to $2 million are available for businesses that have used funds in their Round 1 or Round 2 loan.
100% of your loan could be forgiven if you follow guidelines.
Passage of the PPP Flexibility Act of 2020 relaxed many PPP loan guidelines.
Passage of the Consolidated Appropriations Act provided additional funding and even more relaxed guidelines.
You can apply for both a PPP and EIDL loan.
Check eligibility before you apply.
You can apply through any SBA approved 7(a) lender.
