January 08, 2021
Second Draw PPP Loans Cover Cloud Computing and Business Software
The United States government has approved $284 million in loan assistance for small businesses to ease financial strain due to the global pandemic. Regulations for the loan program were announced this week, and there’s good news for IT providers: PPP round two includes forgiveness for “operations expenditures”, including but not limited to business software or cloud computing services for accounting, inventory tracking, and more.
To qualify for the loans, you must meet the following requirements:
- Must be a business, independent contractor, eligible self-employed individual, sole proprietor, nonprofit organization, veteran’s organization, Tribal business concern, housing cooperative, small agricultural cooperative, eligible 501(c)(6) organization, or eligible nonprofit news organization
- Maintain fewer than 300 employees
- Experienced a loss of 25% or more in revenue in 2020 when compared to 2019
- Received a First Draw PPP Loan
- Expended or slated to expend the full amount of the first PPP loan prior to receiving the second
To learn more about the US Second Draw PPP Loans, visit the Small Business Administration’s website.