Philadelphia: What Business Owners Need To Know About The Latest Round Of PPP

The federal Paycheck Protection Program (PPP) has reopened applications for eligible businesses. Businesses that did not receive a PPP loan last year ("First Draw" businesses) are eligible to apply if they have 0-500 employees. Businesses that received a PPP loan last year and are seeking another PPP loan ("Second Draw" businesses) are eligible to apply if they have 0-300 employees. Sole proprietors may be eligible to apply. Existing borrowers who did not receive loan forgiveness by December 27, 2020 are eligible to reapply for a First Draw PPP loan if they previously returned some or all of their First Draw PPP funds.