BBB encourages eligible businesses to apply for second-draw PPP loans
MILWAUKEE (CBS 58) – The Better Business Bureau is encouraging qualifying businesses to apply for Second Draw Paycheck Protection Program loans.
According to the BBB, at least $ 25 billion has been set aside for loans and applications through the Small Business Administration (SBA).
“That sort of thing, the point is to help save businesses,” said Lisa Schiller, director of media relations for BBB Serving Wisconsin.
The SBA is accepting applications until March 31.
“[It] can be used to help fund salary costs, including employee benefits, it can help pay your mortgage interest, rent, utilities, or COVID-19-related protection costs, ”Schiller said. “It can also help pay for the costs of uninsured property damage caused by looting or vandalism. ”
Businesses must meet certain conditions, including receiving a first PPP loan and using it only for its intended purpose, having fewer than 300 employees, and showing a 25% reduction in gross revenue between comparable quarters in 2019 and 2020.
“As we all know, small businesses in particular have been going through a tumultuous time in 2020, so if you’re eligible, we want to get the information you absolutely need to apply for,” Schiller said.
Companies can apply through the SBA website to find a lender in your area.
More information can also be found here.