If you applied for a Paycheck Protection Program (PPP) Loan from the Small Business Administration (SBA), you have the option to apply again with us for a Second Draw PPP Loan that is now available through our platform. Given that additional funding was provided for the program as part of the new stimulus approved this past December 27, 2020. These funds can be used to help with payroll costs, benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and expenses for operations. You have until May 31 to apply.
To access our platform and apply, you need to have the following information at hand:
- Borrower TIN
- Email address
- Social Security Number
Complete your application here.
A borrower is generally eligible for a Second Draw PPP Loan if the borrower:
Previously received a First Draw PPP Loan and will or has used the full amount only for authorized uses.
Has no more than 300 employees.
Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
Important details about the Second Draw PPP Loan
- For most borrowers, the maximum loan amount for a Second Draw PPP Loan is 2.5X the average monthly amount in 2019 or payroll costs in 2020 up to $2 million.
- For borrowers in the food and accommodation industry, the maximum Second Draw PPP Loan amount is 3.5X the monthly average in 2019 or payroll costs in 2020 up to $2 million.
- Borrowers can apply for a Second Draw PPP Loan until March 24, 2021 or while funds last.
Loan Forgiveness Terms
Second Draw PPP Loans made to eligible borrowers qualify for full loan forgiveness if during the 8- to 24-week covered period following loan disbursement:
- Employee and compensation levels are maintained in the same manner as required for the First Draw PPP loan.
- The loan proceeds are spent on payroll costs and other eligible expenses.
- At least 60 percent of the proceeds are spent on payroll costs.
Subject to SBA terms and conditions.