SBA Paycheck Protection Program (PPP) (EXTENDED to March 31, 2021)
We are now accepting applications for the second draw of PPP Loans as well as first time applicants who did not apply during the first round of PPP Loans.
Acceptable uses of PPP funds. (Reminder: only 40% of funds can go towards all acceptable “Non-Payroll” costs)
- Payroll costs
- Any payment of interest on a covered mortgage obligation (which shall not include any prepayment of principal of a covered mortgage obligation)
- Any payment on a covered rent obligation
- Any covered utility payment
- Covered operations expenditures (expenditures for software, cloud computing, and other human resources and accounting needs).
- Covered property damage costs (expenditures related to property damage due to riots in 2020 that are not covered by insurance).
- Covered supplier costs (expenditures to a supplier pursuant to a contract, purchase order, or order for goods in effect prior to taking out the loan that are essential to the borrower’s operations at the time at which the expenditure was made; supplier costs of perishable goods can be made before or during the life of the loan)
- Covered worker protection expenditures [expenditures for PPE and other adaptive investments (drive thru window install/building modifications) to help the borrower comply with health and safety guidelines between March 1, 2020, and the end of the national emergency declaration].
- Not required to have 1st PPP loan forgiven to qualify, but must have already used all proceeds from the 1st PPP loan before applying for the Second Draw PPP loan
- Entities that received a grant under the “Shuttered Venue Operator Grant Program” are not eligible for “Second Draw PPP loans”
Second Draw PPP Loan:
If you have previously received a PPP Loan – complete this form:
For more information
- Must demonstrate at least a 25% reduction in gross revenue from any quarter in 2020 as compared to that same quarter in 2019, or between yearend 2019 and yearend 2020
- Loan calculation is the same – average monthly Gross payroll from calendar year 2019 (or 2020) x 2.5
- NEW NAICS code 72 industries (hotels/restaurants) can qualify for average monthly Gross payroll from calendar year 2019 (or 2020) x 3.5
- Customer can choose to use Year-end 2019 or Year-end 2020 Gross payroll numbers to determine loan amount
Documentation needed to apply for First Draw Loan
SBA Form 2483SD Application
For more information on First Draw Loan
PPP Loan Forgiveness:
After PPP Borrowers have completed their 8-to-24-week covered period and spent all PPP Loan funds on covered expenses, they may apply for forgiveness. The SBA has provided three different PPP Forgiveness Applications:
- Form 3508S – This simplified PPP Forgiveness Application can be used for all loans of $150,000.00 or less. If your loan is $150,000.00 or less, please access this form and follow instructions provided to apply for forgiveness.
- Form 3508EZ and Form 3508 – If your PPP Loan is greater than $150,000.00, you will use either Form 3508EZ or Form 3508 to apply for forgiveness. Borrowers should begin with the Form 3508EZ instructions and find the “Checklist for Using SBA Form 3508EZ” to see if they qualify for this simplified form or if they must complete the full Form 3508 in order to apply for loan forgiveness.
Please supply all requested items and COMPLETELY fill out the forms checking every box, filling every field and initialing every blank or it will delay the loan process.