What are the PPP loan maximums and limitations?

First-draw PPP loan limitations:

 

The maximum amount a business that has not yet received a PPP loan can borrow is the lesser of:

• 2.5 times the average monthly payroll costs and healthcare costs

• $10 million

• There may be exceptions to these limits for restaurants and other hospitality businesses.

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Second-draw PPP loan limitations:

 

Any business that is applying for a second draw will be subject to more stringent limitations. The maximum second PPP loan amount is the lesser of:

• 2.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year

• 3.5 times the average monthly payroll costs and healthcare costs in the year prior to when the loan was received or within the calendar year for any business that is classified under Code 72 by the North American Industry Classification System (NAICS). (This is a list of hospitality and entertainment businesses like restaurants, hotels, and casinos; click the link to get the full list.)

• $2 million