Key PPP updates include:

• PPP borrowers can set their PPP loan’s covered period to be any length between eight and 24 weeks to best meet their business needs;

• PPP loans will cover additional expenses, including operations expenditures, property damage costs, supplier costs and worker protection expenditures;

• the program’s eligibility is expanded to include 501©(6)s, housing cooperatives, destination marketing organizations, among other types of organizations;

• the PPP provides greater flexibility for seasonal employees;

• certain existing PPP borrowers can request to modify their First Draw PPP Loan amount; and

• certain existing PPP borrowers are now eligible to apply for a Second Draw PPP Loan;

• 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 percent reduction in gross receipts between comparable quarters in 2019 and 2020.

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