BBB encouraging eligible businesses to apply for second draw PPP loans
MILWAUKEE (CBS 58) – The Better Business Bureau is encouraging eligible businesses to apply for second draw Paycheck Protection Program loans.
According to the BBB, at least $25 billion has been set aside for the loans and applications through the Small Business Administration (SBA).
“This type of thing, the purpose of it is to help save businesses,” BBB Serving Wisconsin Media Relations Director Lisa Schiller said.
The SBA is accepting applications through March 31.
“[It] can be used to help fund payroll costs including benefits, it can help pay your mortgage interest, your rent, utilities or your protection costs related to COVID-19,” Schiller said. “It can also help pay for uninsured property damage costs caused by looting or vandalism.”
There are certain qualifications businesses need to meet including receiving a first draw PPP loan and using it only for intended purposes, having under 300 employees and showing a 25 percent reduction in gross receipts between comparable quarters in 2019 and 2020.
“As we all know, especially small businesses have gone through tumultuous times in 2020, so if you’re eligible, we want to get the information out there that you should definitely apply,” Schiller said.
Businesses can apply through the SBA’s website to find a lender in their area.
More information can also be found here.