I am an independent contractor. I did not get the opportunity to apply for the first PPP loan that was introduced through the cares act back in March 2020 for business owners who have experienced a loss due to covid19. Can I still apply for the first PPP loan and also apply for the new PPP loan for a business that has lost 30 percent or more that has been introduced by congress? Can I apply for both? The old PPP loan and the New PPP Loan?
They are not separate loans. The "new" loan is termed a "second draw". Once applications open again, you can apply for your firstdraw. No reduction in gross receipts is required for first draws.
