Photo by Jason Connolly / Summit Daily archives
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While similar to the first round, in that the program provides a loan to small businesses that is intended to be forgivable, there are some notable differences when it comes to eligibility and the loan amount specifically for the hospitality industry.
Frances Padilla, district director for the U.S. Small Business Administration in Colorado, explained that there is a narrower eligibility for this round of the program, including a lower cap on the number of employees for businesses that are applying for a second time: Only businesses with 300 or fewer employees can apply, down from the previous limit of 500 employees. Business owners have to prove they’ve experienced a revenue reduction, too.