![]() Entities in which the President, the Vice President, the head of an Executive department, or a Member of Congress, or the spouse of such person owns, controls, or holds at least 20 percent of any class of equity or.A person or entity that receives a grant for shuttered venue operators under section 324 of the Economic Aid Act.Any person required to submit a registration statement under section 2 of the Foreign Agents Registration Act of 1938 (22 U.S.C.Certain entities organized under the laws of the People’s Republic of China or the Special Administrative Region of Hong Kong, or with other specified ties to the People’s Republic of China or the Special Administrative Region of Hong Kong.A business concern or entity primarily engaged in political activities or lobbying activities, including any entity that is organized for research or for engaging in advocacy in areas such as public policy or political strategy or that describes itself as a think tank in any public documents.Ineligible entities to have received First Draw PPP Loans under the CARES Act or Consolidated First Draw PPP IFR.The following entities are excluded from being eligible for Second Draw PPP Loans: The full amount of the borrower’s First Draw PPP Loan includes the amount of any increase on such First Draw PPP Loan made pursuant to the Economic Aid Act.Has used, or will use, the full amount of the First Draw PPP Loan on or before receiving the Second Draw PPP Loan proceeds. ![]() An eligible borrower must have received a First Draw PPP Loan and.Has to experience a 25% or more reduction in gross revenues when comparing annual or corresponding quarters for 2020 against 2019.For business entities with an NAICS code beginning with 72 or certain news organizations, the above limit of 300 or fewer employees applies per physical location. ![]() The borrower can only have 300 or fewer employees and.The eligibility requirements are narrower for Second Draw PPP Loans with conditions such as: There are some terms and conditions, including but not limited to terms relating to eligibility and a borrower’s maximum loan amount, that apply to Second Draw PPP Loans and do not apply to First Draw PPP loans, regardless of when the First Draw PPP loan was made. All loans will be processed by all lenders under delegated authority and lenders will be permitted to rely on certifications of the borrower to determine the borrower’s eligibility and use of loan proceeds.The interest rate will be 100 basis points or one percent, calculation on a non-compounding, non-adjustable basis. ![]()
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