1. To be eligible, you must demonstrate that your gross receipts in any quarter of 2020 are down at least 25% compared to the same quarter in 2019.
  2. Generally, borrowers may receive a loan amount of up to 2.5X the average monthly payroll costs during the year before the loan or the previous calendar up to a maximum of $2 M.  Hard hit industries in the food and hospitality industries can receive 3.5 x their payroll.
  3. To be eligible, you must not employ more than 300 people and have used the full amount of your first PPP loan.
  4. Eligible entities include:  businesses, specific non-profit organizations, housing co-operatives, veterans' organizations, tribal enterprises, self-employed individuals, sole proprietors, independent contractors, and small agricultural co-operatives.
  5. Forgivable expenses will equal the sum of your payroll costs, as well as covered mortgage, rent, and utility payments, covered operations expenditures, covered property damage costs, covered supplier costs, and covered worker protection expenditures incurred during the covered period.  The same 60/40 allocation between payroll and non-payroll costs that applied to initial PPP loans will apply.

Those interested in more information are welcome to register for an Aminar on Wednesday or Thursday of this week.