Businesses eligible for first- and second-time PPP loans include:
- Sole proprietors
- Independent contractors
- Self-employed individuals
- Private nonprofit organizations or 501(c)(19)s
- Corporations
- Veterans’ organizations
- Tribal businesses
- Direct marketing organizations
- Certain nonprofits (the new bill has expanded eligible businesses to include certain 501(c)(6) nonprofit organizations)
- Seasonal employers (those that operate no more than seven months within a year or earn no more than a third of gross receipts within a six-month period)
- Faith-based organizations that have less than 150 employees
- Housing cooperatives that employ less than 300 people
- Newspapers, radio stations, and television stations
Businesses must comply with size standards, eligibility criteria, and certain limitations.