Q: “We applied for and received a PPP loan only to learn later that the amounts we sought were exclusive of permissible owner’s compensation. We have learned that there is $130 billion left in the PPP fund. Can we reapply? If we do, must we go back to the same bank that issued us the first PPP loan?”

Answered by Eileen Sethna

The PPP deadline was just extended to August 8, 2020. While the guidance still provides that each borrower may obtain only one PPP loan, you may return to your original PPP lender and ask to amend your application to account for the amounts that were excluded based upon prior guidance. This ask is not a second application but rather an amendment to your prior application. Remember, the certifications must still remain true, and you must retain any records and reports that form the basis for those certifications and calculations for six years.