When can you apply for a second PPP loan?
The SBA has not yet allowed the processing of Second Draw loan applications for borrowers who received a First Draw loan in 2021. You can apply for a second PPP loan only if your first PPP loan was processed in 2020.
Borrowers must use all proceeds from their First Draw PPP loan on eligible expenses before disbursement of a Second Draw PPP loan. Additionally, the covered periods for the First Draw PPP loan and the Second Draw PPP loan cannot overlap.