SBA has officially released the second round of the PPP (Payment Protection Program) details and information. Since this is the second round of these types of loans and you can borrow again even if you received the first round of loans, PPP has set forth guidelines pertaining to first time borrowers and second time borrowers.
For first time borrowers there is a March 31, 2021 deadline to apply. Sole proprietors, self-employed, and independent contractors may be qualified to apply.
For second time borrowers there is a March 31, 2021 deadline to apply. Here's what qualifies you as a second time borrower according to SBA website:
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
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% reduction in gross receipts between comparable quarters in 2019 and 2020
For more details and updates visit sba.gov website.