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Answer
If working with EZ-Serial firmware, only one SPP connection can be supported due to the limited Flash and RAM available with the EZ-Serial fw running on the module, as each connection requires reserved RAM.
However, if developing a custom SPP application, using Infineon's ModusToolbox for the IF820 module, which is based on Infineon's CYW20820 chipset, the module can support up to seven SPP connections, using the example code from Infineon for the RFCOMM SPP Mulit Port Application. This application can also be found in ModusToolbox.
Additional information on how to modify this application can be found in this Infineon Knowledge Base Article: FAQs on Bluetooth® Serial Port Profile (SPP).