According to the SBA, the following entities affected by COVID-19 may be eligible for a PPP loan:
First Draw PPP Loans:
- Sole proprietors, independent contractors, and self-employed persons
- Any small business concern that meets the SBA’s size standards
- Any business, 501(c)(3) nonprofit, 501(c)(19) veterans’ organization, or tribal business with the greater of 500 employees or that meets the SBA industry size standard if more than 500
- Any business with a NAICS code that begins with 72 (accommodations and food services) that has more than 1 physical location and employs less than 500 per location.
Second Draw PPP Loans:
- Previously received a First Draw PPP Loan and will or has used the amount only for authorized uses
- Has no more than 300 employees; and
- Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Source: U.S. SBA, 2021