Before applying for a PPP loan under the Consolidated Appropriations Act, businesses must have made payroll-related loans under the Emergency Economic Stabilization Act (ESEA) of 2008. If you received PPP funds in the first round, it is still possible for you to apply for a second PPP loan. You must qualify to receive both a tax credit and a loan. The IRS allows the same lender to offer two different types of loans and accept different types of credit, so you may qualify for both a loan and a credit. You will have to meet certain income limits and show how your business has met certain eligibility requirements in order to qualify for the loan and the tax credit. This includes having been unable to pay your employees' wages and having had to lay them off.

Borrowers who receive PPP loans will be required to repay those loans over a longer period of time, which can be as much as 15 years. The borrower will receive monthly payments in installments based on the loan terms. These may be higher or lower than the original payments under ESEA. If your loan under ESEA has ended, you may not qualify for another one, but you may still qualify for a PPP loan. You should not take a PPP loan unless you have other sources of funding available for your business.