New Bill Would Allow Small Businesses to Get Second PPP Loan

Posted By American Med Spa Association, Tuesday, June 23, 2020

Certain small-business owners may be able to apply for a second Paycheck Protection Program (PPP) loan if a new bill introduced on June 18 becomes law.
The legislation, called the Prioritized Paycheck Protection Program (P4) Act, would 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.

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