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Round Two: Am I Eligible for a Second PPP Small Business Loan?


You’ve probably heard by now that Round 2 of PPP (Paycheck Protection Program) Loans has finally opened, but a lot of us (myself included) were left wondering if we were eligible. To answer this important question, I chatted with Whitney Randall, Commercial Loans Officer at Citizens Bank of Edmond.


Let’s break it down by scenario:


  • I applied for Round 1 and received a loan, but it hasn’t been forgiven yet. You still qualify for a new loan! The only requirement to apply for round two is that you have used all of your funds from your first loan* and you are able to prove that you have experienced a 25% revenue loss in any quarter of 2020 compared to the same quarter in 2019 (for loans less than $150k) or less income in 2020 overall compared to 2019. *Pro tip: If you already provided proof of revenue loss in Round 1, and you are applying through the same bank, you do not need to provide this documentation again!


  • I didn’t apply in Round 1 because I launched my business during the pandemic. If your business began after February 15, 2020, you unfortunately are not eligible for PPP. If you can provide documentation proving that you were in operation before that cutoff date (i.e. payroll documentation, bank statement, etc.), you are eligible to apply.


  • I want to apply for a larger loan amount than round one. Below is a simple formula to determine your loan need. If you’re able to prove that you need more, you can absolutely ask for more.


2020 Payroll Costs ➗ 12 x 2.5**

**or x 3.5 if your NAICS code starts with 72


Still have unanswered questions? Check out our full conversation on Facebook Live, and follow Whitney on Twitter for more small business insights. Plus, learn more about PPP support here!

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