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The Small Business Payroll Protection Program officially reopens this week.
The SBA has released new applications for First Draw and Second Draw for the Paycheck Protection Program.
First Draw Application (First-time applicants):
Second Draw Application (Second-time Borrowers):
More information: https://home.treasury.gov/system/files/136/Top-line-Overview-of-Second-Draw-PPP.pdf
Here are some modifications that apply generally to second draw PPP loans:
You must have stayed in business prior to February 15, 2020, or be a seasonal service that ran for a 12-week period between February 15, 2019 and February 15, 2020. You should likewise have less than 500 employees and not be in a forbidden industry.
Second draw loans are more firmly targeted than the first draw. In addition to qualifications governing the first draw, you’ll need to also demonstrate that your business has actually had a profits decrease of at least 25% in comparable quarters 2019 and 2020. You’ll likewise need to have less than 300 employees. Openly traded business will also be ineligible.
Contact your SBA approved financial institution to apply.
For more information please visit: https://home.treasury.gov/policy-issues/cares/assistance-for-small-businesses.