Summary

An overview of Paycheck Protection Program Round III rules for small businesses, nonprofits, self-employed workers, and some farms. Summarizes when first draw and second draw applications opened, key eligibility requirements including employee limits and a 25 percent revenue reduction for second draw loans, and maximum loan amounts. Explains covered periods, allowable uses like payroll, rent, utilities, and COVID-related safety costs, and the main conditions for loan forgiveness including spending at least 60 percent on payroll. Includes where and when to apply and links to official guidance.