Examples of PPP Loans in a sentence
FTE and Salary/Wage Reductions: Borrowers that received a PPP loan of more than $50,000 and Borrowers of $50,000 or less that together with their affiliates received First Draw PPP Loans totaling $2 million or more or Second Draw PPP Loans totaling $2 million or more must adjust their “Requested Loan Forgiveness Amount” due to statutory requirements concerning reductions in either full-time equivalent employees or employee salary and wages.
Different eligibility requirements apply to Second Draw PPP Loans.
If Borrower Received PPP Loans in Excess of $2 Million: Check the box if the Borrower, together with its affiliates (to the extent required under SBA’s interim final rule on affiliates (85 FR 20817 (April 15, 2020)) and not waived under 15U.S.C. 636(a)(36)(D)(iv)), received PPP loans with an original principal amount in excess of $2 million.
See FAQ #63 and subsection (c) of the interim final rule for Second Draw PPP Loans.
For all other PPP Loans, the initial Forms 1502 are due within 20 calendar days after the PPP loan is approved.