FIRST DRAW LOANS

(If you did not apply for Round 1 in 2020)
 

First Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, and utilities.
 

Full Forgiveness Terms
 

First 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;
• The loan proceeds are spent on payroll costs and other eligible expenses; and
• At least 60 percent of the proceeds are spent on payroll costs.          
  

Who Can Apply

Eligible small entities, that together with their affiliates (if applicable), have 500 or fewer employees—including nonprofits, veterans organizations, tribal concerns, self-employed individuals, sole proprietorships, and independent contractors—can apply. Entities with more than 500 employees in certain industries that meet SBA’s alternative size standard or SBA’s size standards for those particular industries can also apply.
 

Reapplying and Loan Increases

Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may: (1) reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or (2) under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.
 

How and When to Apply 

Borrowers can apply for a First Draw PPP Loan until March 31, 2021. When given the okay from the SBA – and when our portal is ready for submission, we will provide a link via email. Additionally, this link will also be available on our website.

SECOND DRAW LOANS

(If you received a PPP Loan in 2020 - the next round would be considered your second draw)
 
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; and
• At least 60 percent of the proceeds are spent on payroll costs.       

Targeted Eligibility
 

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; and
• Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020. 
   

How And When to Apply 

Borrowers can apply for a Second Draw PPP Loan until March 31, 2021. All Second Draw PPP Loans will have the same terms regardless of lender or borrower. When given the okay from the SBA – and when our portal is ready for submission, we will provide a link via email. Additionally, this link will also be available on our website.