
New PPP Guidance
New PPP Guidance for Small Businesses Navigate The pandemic continues to impact small businesses, and we applaud Congress for providing much-needed relief by reopening the
The Federal Government recently allocated additional funding to reopen the US Small Business Administration (SBA) Paycheck Protection Program (PPP). While applications may not be submitted until the Program rules are finalized by the SBA, there are steps you can take to prepare. Get a head start now by completing a preliminary application below.
Once you complete the form, you will receive an email confirmation with a link to begin your application. Once you start the Pre-Application you will receive notifications with program updates and useful information to help ensure that your application can be completed and submitted to the SBA.
Please note the information on this page as well as the required information in the preliminary application are subject to change pursuant to guidance published by the SBA. In addition, approval during a previous round of the Paycheck Protection Program does not guarantee approval during the next round of the Program. Eligibility and availability are determined on a case-by-case basis and subject to guidance published by the US Small Business Administration.
Additional information about the Paycheck Protection Program is available from the US Department of the Treasury and the US Small Business Administration (SBA).
No, if you took a PPP loan in the first round of funding, there is no requirement to apply for PPP forgiveness before applying for a second PPP loan. However, the legislation does state that the business must have used all funds from the first PPP loan or intended to use those funds before they may apply for a second loan. More SBA guidance on intent to use funds may be coming soon.
Yes, you may still be eligible for a second PPP loan. Because the new Economic Aid Act is focused on supporting hard-hit businesses, you may still qualify for a second PPP loan (known as a 2nd Draw loan). Eligibility for a second PPP loan is based on proving a decrease in business revenue that is greater than or equal to 25% of the business’s gross receipts.
Yes, the program will be open for both first-time borrowers and borrowers looking for a second loan. Please note that the requirements for first-time borrowers and second-time borrowers are different. Continue reading below for a non-exhaustive list of eligibility requirements and other helpful information. Please be advised that qualifying as an eligible business does not guarantee a PPP loan will be offered.
Second Draw PPP Loans are generally subject to the same terms, conditions and requirements as First Draw PPP Loans. These terms include:
In addition to the businesses that were eligible in the initial round of PPP (including but not limited to small businesses, nonprofit organizations, veterans organizations, Tribal business concerns, small agricultural cooperatives that meet the SBA size standards, sole proprietors, self-employed individuals or independent contractors), during this round the program includes entities that are 501(c)(6)s, destination marketing organizations (DMOs), housing cooperatives, newspapers, broadcasters, and radio stations. Additionally, for first-time borrowers to qualify for eligibility, the entity may employ no more than 500 employees.
The absolute maximum cap on loans (both first-time applicants and second draw borrowers) for PPP is $2,000,000. In your application, you will be requested to submit certain documentation as proof of eligibility that will determine the amount your business is eligible for under the program. Please be advised that borrowers are not guaranteed the full amount requested in their application.
In addition to the expenses that were eligible under the previous round (payroll, rent, covered mortgage interest, and utilities), both first-time applicants and borrowers applying for a second draw may also use their PPP loan to cover the following expenses: covered operations (software, cloud computing, and other human resources and accounting needs); property damage costs due to public disturbances that occurred during 2020 that are not covered by insurance; covered supplier costs; and covered worker protection expenditures and personal protective equipment (PPE) to help a loan recipient comply with federal, state or local health guidance including requirements issued by the CDC, OSHA, HHS and state or local governments.
Eligible businesses that received a prior loan must:
As defined by section 315 of the Economic Aid Act, a borrower is a seasonal employer if it does not operate for more than 7 months in any calendar year or, during the preceding calendar year, it had gross receipts for any 6 months of that year that were not more than 33.33 percent of the gross receipts for the other 6 months of that year. Under section 336 of the Economic Aid Act, a seasonal employer must determine its maximum loan amount for purposes of the PPP by using the employer’s average total monthly payments for payroll for any 12-week period selected by the seasonal employer beginning February 15, 2019, and ending February 15, 2020.
Payroll costs consist of compensation to employees (whose principal place of residence is in the United States) in the form of salary, wages, commissions, or similar compensation; cash tips or the equivalent (based on employer records of past tips or, in the absence of such records, a reasonable, good-faith employer estimate of such tips); payment for vacation, parental, family, medical, or sick leave; an allowance for separation or dismissal; payment for the provision of employee benefits consisting of group health care or group life, disability, vision, or dental insurance, including insurance premiums, and retirement; payment of state and local taxes assessed on the compensation of employees; and for an independent contractor or sole proprietor, wages, commissions, income, or net earnings from self-employment, or similar compensation.
The following businesses are NOT eligible to receive PPP loans:
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