Second round of PPP loans available for small businesses
ODESSA, Texas (ABC Big 2) – Small business owners can apply for the second round of P3 loans from the SBA. A business owner from Odessa who spoke with ABC Big 2 said the first loan was easy to get.
“It was not at all difficult to obtain,” says the owner of Big Daddy’s Grill & Bar. “It was a one-page form and the men I worked with were very informative. I filled out the form and we got our money back within 24 hours. “
Like many, Armstrong’s businesses suffered when the pandemic first hit, and it still has not returned to its full potential. Fortunately, the first round of PPP loans allowed him to keep almost all of his employees.
“We made repairs, we emptied the kitchen, we cleaned the floors and we painted. We kept them busy while things picked up. “
After a successful first application, Armstrong is ready to apply for the second round and encourages any local businesses that are struggling to do the same.
“Be persistent. They should be able to help you. It was very easy for us to do and I hope this next round will be easy for them as well.
According to the SBA, a borrower is eligible for a second PPP loan if the borrower:
- Has already received a first-draw PPP loan and will use or have used the full amount only for authorized purposes
- Has no more than 300 employees; and
- Can demonstrate a reduction of at least 25% in gross revenue between comparable quarters in 2019 and 2020
You can apply for a second draw PPP loan from January 13, 2021 to March 31, 2021.
For more information on how to apply, click here.