The Paycheck Protection Program has begun a second round of applications for small businesses struggling to stay open during the pandemic, with some changes in how much aid is offered.

Borrowers who received a First Draw PPP Loan are eligible for a Second Draw PPP Loan,if they have no more than 300 employees, and can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. For most borrowers the maximum loan amount is 2.5 times the average monthly 2019 or 2020 payroll costs of up to $2 million. For those in the Accomodation and Food Services sector, the maximum loan amount is 3.5 times the average monthly 2019 or 2020 payroll costs of up to $2 million. Applications are being accepted until March 31st. More information can be found here.