Are Ppp Loans Still Available In 2024. The second draw ppp loans were introduced to provide additional support to businesses that had already received a first draw ppp loan. The deadline was may 31, but since the paycheck protection program general fund is depleted, the sba has stopped accepting new applications from most.
For most borrowers, the maximum loan amount of a second draw ppp loan is 2.5x the average monthly 2019 or 2020 payroll costs up to $2 million. Ppp is a loan designed to provide a direct incentive for small businesses to keep their workers on payroll.
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