The Fairness for Craft Beverage Producers Act corrects what U.S. Rep. Jason Crow’s office described as an “oversight” that made craft breweries ineligible for the maximum loan amount and also
Milwaukee
, Wis. –
Business owners who received a loan under the Paycheck Protection Program may qualify for the Second Draw PPP Loan. At least $25 billion is being set aside for eligible borrowers with a maximum of 10 employees, or for loans of $250,000 or less to eligible borrowers in low or moderate income neighborhoods. The same general loan terms are applicable as the First Draw PPP Loans with a few changes.
What is the Second Draw Paycheck Protection Program?
The Second Draw Paycheck Protection Program can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations.
At least $25 billion is being set aside for Second Draw PPP Loans to eligible borrowers with a maximum of 10 employees or for loans of $250,000 or less to eligible borrowers in low- or moderate-income neighborhoods.