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COVID-19 recovery: Menlo Park plans for reopening
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Paycheck Protection Program open until May 31, 2021
Posted on April 19, 2021 at 5:55 pm by Clay Curtin
The Paycheck Protection Program (PPP) is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll. All eligible borrowers can apply through a participating lender. The
U.S. Small Business Administration
, in consultation with the U.S. Treasury, announced that the Paycheck Protection Program will be open until May 31, 2021.
1. Find a lender:
Get matched with a lender
Search for lenders in your area
2. Identify a loan:
First Draw PPP loans
: If you have not received a PPP loan before, First Draw PPP loans are available to you.
Second Draw PPP loans
: If you have previously received a PPP loan, certain businesses are eligible for a Second Draw PPP loan.
First draw PPP loan eligibility:
Sole proprietors, independent contractors and self-employed persons.
Any small business concern that meets SBA’s size standards (either the industry size standard or the alternative size standard).
Any business, 501(c)(3) nonprofit organization, 501(c)(19) veterans organization, or tribal business concern (sec. 31(b)(2)(C) of the Small Business Act) with the greater of 500 employees or meets the SBA industry size standard if more than 500.
Any business with a NAICS code that begins with 72 (Accommodations and Food Services) that has more than one physical location and employs less than 500 per location.
Second draw loan eligibility:
Previously received a First Draw PPP loan and will or has used the full amount only for authorized uses
Has no more than 300 employees; and
Can demonstrate at least a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020
For more information visit SBA’s
assistance to small businesses
City reopening plans
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