Second Round Of Paycheck Protection Program Loans Opens Up For Central, South Coast Businesses
Many small businesses on the Central and South Coast are getting ready to apply for Paycheck Protection Program (PPP) Loans, now in their second round.
First-time borrowers will be directed to last year's rules, with eligibility including maintaining less than 500 employees, as well as being able to show a reduction in income due to the coronavirus crisis.
In this round, the limitation will be down from 500 to 300 employees.
The loans available will be what are called 60-40 loans, with 60% of the loan specifically flagged for payroll costs.
The PPP Loans are being implemented thanks to the new coronavirus stimulus bill that passed Congress in late Decemeber.