Dear M &M: Second round Payroll Protection Program (PPP) loans are available. Can I get one if I didn’t apply from the first round? – Janice

Dear Janice: New rules and guidelines are still being worked out and more changes will be made before this is all over. First time borrowers as well as those that received (PPP) loans in the first round are both eligible. Remember this is a loan that “can” be forgiven if certain guidelines are followed. Borrowers are required to spend 60% of the loan proceeds on payroll. The whole intent of this program is to keep people working. If employers are compensated for part of the payroll, hopefully more people can stay on employers’ payrolls and off state unemployment insurance policies. Permissible other uses of (PPP) funds include group insurance benefits, expenditures to a supplier for essential goods used in your business, renovations to your business to comply with COVID Health and Safety guidelines (sneeze guards, air filtration systems, face masks), property damage caused from vandalism or looting not covered by insurance. To be eligible for round 2 (PPP) loans you must demonstrate you have under 300 employees and suffered a 25% reduction in gross revenue in any quarter in 2020 compared to 2019. Some additional requirements showing the ability to repay if it isn’t forgiven could be in place as well. Check with your bank to see if they are accepting applications. Cochise College Small Business Development Center has an updated list of eligible lenders if you can not find one.

ASK M&M is prepared and submitted by Mark Schmitt, director of the Small Business Development Center at Cochise College; and Mignonne Hollis, executive director at the Arizona Economic Development Foundation. To ask your questions: Call the Small Business Development Center (SBDC) at Cochise College (520) 515-5478 or email schmittm@cochise.edu or contact the Arizona Regional’ Economic Development Foundation at (520) 458-6948 or email hollism@aredf.org; www.aredf.org.