How long after first PPP can I get another?

Asked by: Ahmed Nader DDS  |  Last update: February 9, 2022
Score: 4.6/5 (66 votes)

Getting approved and funded for a first-draw PPP loan can take as little as a few days up to a couple of weeks, and as soon as you have your PPP funds you can apply for a second-draw PPP loan. You don't need to have your First Draw loan forgiven, and you don't need to actually spend your first PPP loan funds.

How long do you have to wait to apply for second PPP loan?

Yes, you effectively have to wait eight weeks between your first and second draws. The reason for this is that SBA requires all of your first draw funds to have been spent before you can get a second, and each PPP loan is presumed to cover at least eight weeks.

How long do you have to wait between PPP loans?

Under the Extension Act, the last day for lenders to submit applications for Second Draw PPP Loans is May 31, 2021, and, the SBA will have an additional 30 days to process the applications submitted before June 1, 2021.

Can I receive PPP a second time?

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general loan terms as their First Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits.

Can I get first and second draw PPP at the same time?

Applying for a First and Second Draw in the Same Round

The SBA prohibits the covered periods for First and Second Draws from overlapping. You must use all funds on eligible uses prior to receiving a Second Draw. (You will be asked to certify that this has been done.) You have used the funds on eligible expenses.

How Soon Can I Get a Second PPP loan - THE TRUTH!

22 related questions found

Do you have to wait 8 weeks to apply for second PPP?

When can you apply for the Second Draw? Eight weeks must pass from the time you get the First Draw PPP until the Second Draw PPP is disbursed to you. You can apply for the Second Draw before the 8 weeks has passed. However, if you do so, you want to make sure you don't accept the Second Draw money until after 8 weeks.

Can you get 2 PPP loans 2021?

You can't apply for a first-draw PPP loan AND a second-draw PPP loan at the same time, but if you act quickly, you can get your first draw funding and spend it in a legal fashion (i.e., on payroll expenses—which in the case of independent contractors, eligible self-employed individuals, or sole proprietors means paying ...

Who qualifies for second round of PPP?

Eligibility requires a business to have 300 employees or fewer. Also, the business must have a 25% decrease in any quarter's gross receipts from 2019 to 2020, which shows the company has experienced financial hardship. Gross receipts include all revenue, including interest and dividends.

How long do you have to spend PPP loan Round 2?

You may spend the money during a period of anywhere between 8 and 24 weeks (your Covered Period).

Can you apply for 2 PPP loans if you have 2 businesses?

Can I Apply for PPP Multiple Times if I Own Multiple Businesses? Yes, each business may be eligible for a loan through the PPP if it meets all the requirements.

Is the 2nd round of PPP forgivable?

What's updated for the second round of PPP? ... This means, like the first PPP loan, the second round of PPP loans will also be fully forgivable if you follow the forgiveness guidelines. At least 60% of the loan must be spent on payroll and the rest spent on other eligible expenses.

Should I use 8 weeks or 24 weeks for my PPP loan covered period?

You may be able to wrap up the forgiveness process earlier. If you reduce your full-time employee count or employee wages after the 8-week period, that might reduce your eligible forgiveness amounts. However, a longer, 24-week covered period gives you more time to remedy any reductions in employee count or wages.

What is the deadline for PPP loan forgiveness 2021?

If you got a Paycheck Protection Program loan during the first draw, your deadline for applying for forgiveness is August 30, 2021. The applications for forgiveness are made through your lender or through the PPP Loan Forgiveness Portal opened by the Small Business Administration.

How many times can you get PPP loan?

Can I get more than one PPP loan for my business? Per the original PPP loan rules, you could only apply for one PPP loan per business entity that you own. If you have a business with multiple locations and each location has its own Tax ID or EIN, then you could apply for a loan for each entity.

What is the deadline for PPP loan forgiveness 2021 2?

September 7, 2021

It is important to start the process prior to the actual deadline so that you can plan for any unanticipated repayment requirements in case you determine some or all of your loan is not eligible for forgiveness.

What happens if you miss the PPP forgiveness deadline?

WHAT HAPPENS IF YOU MISS THE APPLICATION DEADLINE. If you don't apply for loan forgiveness within 10 months after the last day of your covered period, you'll be required to start making payments to your PPP lender at 1 percent interest, which started accruing when the loan was made.

Can you go to jail for 20000 PPP loan?

Whether a PPP loan fraud case involves thousands, hundreds of thousands, or millions, defendants can receive prison sentences in these cases. If there is evidence of fraud, people can go to jail for a $20,000 PPP loan, just like someone whose PPP loan was $100,000 or $1 million.

Can I use 100% of my PPP loan for payroll?

60/40 Rule

However, as a self-employed worker, you can claim all 100% of your PPP loan as payroll under compensation replacement. Forgivable cash compensation is limited to $100,000 per employee on an annualized basis, which means you can use all $20,833 on your personal salary.

How many weeks does PPP loans cover?

The two biggest changes rolled out in June 2020 were: The eight-week period to use your PPP funds was extended to 24 weeks. Previously, you had to spend at least 75% of the funds on payroll. You now need to spend only 60% of the funds on payroll.

How many weeks does a PPP loan cover?

The Covered Period is either (1) the 24-week (168-day) period beginning on the PPP loan disbursement date, or (2) if the borrower received its PPP loan before June 5, 2020, the borrower may elect to use an eight-week (56-day) Covered Period. In no event may the Covered Period extend beyond December 31, 2020.

Can I get 2 EIDL loans?

Can I get multiple EIDL loans? No, you can only get a single EIDL loan. It may be possible to increase the amount you're borrowing, however, so long as you took out less than the maximum amount of $500,000.

Can I apply for SBA loan twice?

There's no limit to how many times you can apply for an SBA loan. The only limitation is for special long programs, like the Paycheck Protection Program (PPP). Borrowers can only draw twice from the PPP loans at this time.

Who is eligible for an EIDL loan?

In response to COVID-19, small business owners, including agricultural businesses, and nonprofit organizations in all U.S. states, Washington D.C., and territories can apply for the COVID-19 Economic Injury Disaster Loan (EIDL).

How much can I pay myself with EIDL loan?

In 2020 you are now making $500 in one week and $3,000 in another week. You can still pay yourself payroll of $2,000 per week for those two weeks.

What is the $10 000 SBA grant?

The Targeted EIDL Advance provides funds of up to $10,000 to applicants who: Are in a low-income community. To help applicants determine if they are in a low-income community as defined in section 45D(e) of the Internal Revenue Code, a mapping tool ( is available.