Q: I didn’t apply for a loan under the Paycheck Protection Program (PPP) last year. Can I apply for a PPP loan now?
—Business Borrower

A: Dear Borrower:
Yes, the new PPP funding allows you to apply for a loan whether you received an initial PPP loan or not. If you didn’t receive a PPP loan in the first two rounds of funding, you can now apply for the third round of funding and potentially qualify for up to $10 million as a new applicant.

The program rules are essentially the same as during the first round, and the eligibility requirements include:

• Any business categorized under “Accommodation or Food Services,” such as restaurants and hotels with 500 or fewer employees per location
• Tribal businesses
• Independently owned franchises
• Self-employed workers, independent contractors, gig workers, and sole proprietors

The PPP loans are aimed at helping business owners cover their payroll and other basic operating costs during the pandemic. The new loans are designed to fund 2.5 months of your payroll expenses (or 3.5 months of payroll expenses if you run a restaurant or food service business).

For more details on the PPP program, visit the SBA’s PPP program website. To get your application started as a first-time borrower, download the SBA’s PPP online loan application form.

For help reviewing your options under the PPP program, contact a Family Business Lawyer™ to discuss your best course of action.