SBA Opens Round 2 PPP - Apply with CLX
The recent Recovery Act passed by Congress reopened the PPP Loan Program that provides Payment Protection Program forgivable loans through the Small Business Administration. For businesses that did not apply for a PPP Loan in Round 1, there is now another opportunity to apply for a PPP loan. For businesses that already received a PPP loan in Round 1, there is now an opportunity to secure a second PPP loan.
Here at Commercial Lending X we have partnered with a platform to provide PPP loans to our clients. Our partner funded over $8 billion of PPP loans in Round 1 and are staffed up to handle the volume for Round 2. Here is a direct link to the portal to apply through our partner.
If you did not receive a PPP loan in round one, in order to qualify you just need to have been in business prior to February 15th, 2020 and have had payroll expenses.
If you received a PPP loan in round one, then you may qualify for second PPP loan in round 2. In order to qualify for a second PPP loan, you must meet the following eligibility requirements:
- You must have 300 employees or less or if your business operates under NACIS Code 72 you must have 500 employees or less.
- Your company must have experienced a 25% or greater decline in gross revenues in any individual quarter of 2019 as compared with the same quarter in 2020 or had a 25% decline in gross revenues for the full year of 2020 as compared with 2019.
If you qualify for a PPP loan, please use the above link to access the application and apply. Should you have any questions on whether you qualify, please feel free to reach out to us at 888-975-0007 or via email at info@commerciallendingx.com.
We know these are difficult times and not every business qualified for PPP financing or will qualify for a second Round of PPP funding. For those who do not qualify, there may be other financing options available to you and we would be more than happy to discuss your specific situation with you and see what other financing options might exist. Please feel free to reach out to us at any time at 888-975-0007 or via email at info@commerciallendingx.com.
We wish everyone the best of luck in 2021 and hope you have a very prosperous year.
Please note that Commercial Lending X ("CLX") does not guarantee that a loan approval will be obtained. Each Borrower is responsible for submitting their own financial information through the platform and each Borrower must complete their own due diligence and make their own financing decisions. Once your application is submitted through the portal, CLX's partner will take over processing the application and will provide the final loan decision. CLX is not responsible for any misrepresentations made by any Borrowers in obtaining a PPP loan or any other loan.
