PPP Loan 2: When to Apply After PPP1? SBA 8-Week Rule Explained (2021)

Описание: Confused about applying for your Second Draw PPP Loan? This video clarifies the official SBA 8-week waiting period after receiving your First Draw PPP Loan funds. Learn the latest rules for PPP2 applications in 2021 and what to ask your lender.

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CAPÍTULOS:
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0:00 Introduction
1:37 SBA's Official 8-Week PPP2 Waiting Rule
2:27 Interim Final Rule & PPP2 Application Form
4:30 PPP2 Eligibility: 25% Revenue Reduction
5:18 Applying for PPP2 Before 8 Weeks?
6:08 Lender Advice for Second Draw PPP Loans
6:50 PPP Program Extension to May 31st
8:09 Key Takeaways & Lender Strategy

In this comprehensive guide, we address the critical question: how soon can you apply for a Second Draw PPP Loan (PPP2) after receiving your First Draw PPP Loan (PPP1) funds? The Small Business Administration (SBA) officially states a mandatory 8-week waiting period, requiring businesses to certify the use of PPP1 funds before applying for PPP2. We delve into the March 17th interim final rule, which initially suggested flexibility, and examine why the updated PPP2 application form still adheres to the 8-week certification. Additionally, we discuss the essential 25% revenue reduction eligibility criteria for PPP2. While the SBA maintains its 8-week rule, we share insights from businesses that have reportedly secured PPP2 sooner by consulting with their lenders. The video also confirms the PPP program's extension until May 31st, 2021, providing more time for applications. We recommend contacting your lender to understand their specific requirements and explore options for your PPP2 application.

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