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Infographic: PPP First Draw vs. Second Draw

The latest round of the Paycheck Protection Program (PPP), as afforded by the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues, or Economic Aid Act, provides more than $284 billion in funding.

This new round of funding also allows for some businesses that received a PPP loan in the first or second round of funding in 2020 to apply for a second PPP loan. Many eligibility requirements for first and second draw applicants are the same. However, borrowers and lenders should be aware of several key differences.