In COVID-19-Induced Economic Peril? PPP Loans Are Back on the Table

Urgent care operators who missed the boat on the first round of Paycheck Protection Program loans from the Small Business Administration—or those who have already taken part and need additional help—take heed: the window for both the first and second draw is open again. As in the first leg of the program, loans are actually issued through particular banks, though the SBA has set up a lender match feature to help applicants connect with lenders. Funds can be used to help support payroll (including benefits), mortgage interest, rent, utilities, worker protection costs related to COVID-19, the cost of uninsured property damage due to looting or vandalism in 2020, and certain supplier costs and operational expenses. However, for most borrowers, second-draw loans have a cap of 2.5 times their average monthly 2019 or 2020 payroll costs, up to $2 million. For more information on first- or second-draw PPP loans, consult the SBA’s dedicated webpage.