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COVID-19 Relief Law - Congress Considers Second PPP Loan


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6/19/2020
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Congress, after the relative success of the initial Payroll Protection Program ("PPP"), is considering replenishing the program for a second wave of loans.

The legislation, called the Prioritized Paycheck Protection Program (P4) Actwould allow businesses with fewer than 100 employees to apply for a second loan if they have used up (or are on pace to exhaust) their first PPP loan and can show a 50% loss in revenue due to the COVID-19 pandemic. Business owners also must show they need the money for payroll and eligible non-payroll costs.

Certain small-business owners may be able to apply for a second Paycheck Protection Program loan if a new bill introduced on June 18 becomes law.

Our firm has helped our small business clients navigate the PPP program from the initial application to their loan forgiveness applications. For any questions or assistance, please contact the Attorneys at Fazzio Law, we are in your corner!



Category: COVID-19 Relief Law


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