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Payroll Protection Program 2
Opens Monday, January 11th for first time PPP borrowers (financial institutions can begin making loans)
  • Opens Wednesday, January 13th for second time PPP borrowers (financial institutions can begin making loans)
  • The forgivable PPP loans will open to all lenders “shortly thereafter”
  • The closing date for the new PPP is March 31
  • Loan covered period to be any length between eight and 24 weeks to best meet their business needs
  • To be eligible for full loan forgiveness, borrower will have to spend at least 60% of their loan on payroll over covered period
  • Additional expenses eligible are operations expenditures, property damage costs, supplier costs, and worker protection expenditures
  • Clearer definition of seasonal employees
  • Existing PPP borrowers are eligible to apply for a second PPP loan
  • Permanently closed businesses do not qualify
  • Loans over $150,000 will have to provide the documentation to show the decline of 25% gross revenue
  • Loans below $150,000 will have to provide the documentation upon or before seeking loan forgiveness for the second draw
 
ELIGIBILITY:
 
  • Up to $2 million to borrowers
  • 300 or fewer employees
  • NAICS 72 (restaurants, venues, etc.) have 500 or fewer employees
  • Now eligible are 501 (c)6, housing cooperatives, direct marketing organizations
  • Business must have been in operation no later than February 15, 2020
  • Used or will use the first PPP loan full amount before expected date of the second PPP loan
  • Had to have had at least a 25% revenue deduction in all or part of 2020 compared to all or part of 2019 (full year or any quarter of 2020 compared to equal quarter of 2019)
 
DOCUMENTS:
 
  • First loan overview:  https://home.treasury.gov/system/files/136/Top-line-Overview-of-First-Draw-PPP.pdf
  • First loan application:  https://www.sba.gov/document/sba-form-2483-paycheck-protection-program-borrower-application-form
  • Second loan overview:  https://home.treasury.gov/system/files/136/Top-line-Overview-of-Second-Draw-PPP.pdf
  • Second loan application:  https://www.sba.gov/document/sba-form-2483-sd-ppp-second-draw-borrower-application-form
  • SBA additional information and documents:  https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
 


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