New Year, New COVID-19 Relief for Employers and Plan Sponsors (Part 2) | Nelson Mullins Riley & Scarborough LLP
PPP”) loans under the Coronavirus, Aid, Relief, and Economic Security CAA (the “ CARES Act”): Borrowers may be eligible for a second PPP loan. If the borrower (1) will or has used the full amount of the first PPP loan only for authorized expenses, (2) has no more than 300 employees, and (3) can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020, a second PPP loan is available. Any second PPP loan is limited to $2 milion. More Entities Qualify for PPP Loans. The CAA expands PPP loan eligible entities to include: 501(c)(6) Non-Profit Organi...
Source: jdsupra.com