Businesses can be eligible for a second round of Paycheck Protection Program loans. Knox County Area Partnership President Ken Springer explains:
“The PPP Program is back, but it has a little bit of a new twist to it. Businesses that did receive a first PPP in 2020 are actually eligible to go back and get a second one, but the businesses have to be able to show a 25% decline in gross receipts in any quarter in 2020 when compared to the same quarter of 2019. For a lot of businesses, particularly those in the hospitality, restaurants, retail industries, lodging businesses as well, that will not be that hard to show a 25% decline for a lot of those businesses. So this is a second chance to get another PPP loan, which a lot of those were very, very impactful the first time around.”
Any business that did not receive a loan from the first round of Paycheck Protection Program are eligible to apply to the program under the original rules, in which they do not have to show a 25% decline. Meanwhile, music and entertainment venues, movie theaters, museums, and performing arts organizations can apply for grants through the Shuttered Venue Operator’s Grant to receive up to 45% of the organizations 2019 revenue. To be eligible for this grant, organizations cannot receive a PPP loan after December of 2020.
