Included in the CARES Act 2 financial recovery statement closed on the rules into , the economical Assistance to help you Tough-Struck Smaller businesses, Nonprofits, and Venues Operate renews and you may extends the new Income Shelter System created because of the totally new CARES Operate. Congress provides designated $ billion in order to an additional bullet out of PPP fund (PPP2) to further assistance small businesses or other qualified entities negatively impacted of the lingering COVID-19 social wellness disaster.
Who is Eligible?
The overall eligibility basic regarding fresh PPP-the candidate certify that PPP financing is required to help lingering operations-is still a need for the latest PPP2 loans. Beyond one to, brand new PPP2 both restricts and you will expands qualifications.
Very first, the newest restrictions. The fresh PPP2 needs an applicant getting been in procedure because from are qualified. Agencies getting Shuttered Venue Driver Has (another sorts of relief offered below CARES Operate dos) aren’t permitted discovered a great PPP2 mortgage. Individuals will most likely not implement more 3 hundred individuals (off from 500 in fresh PPP), and individuals who happen to be possessed 20% or higher because of the, or with high businesses within the or a section affiliate off, new Peoples Republic out-of Asia or the Special Administrative Area for Hong-kong aren’t eligible.