Congress has passed legislation, the "Economic Aid to Hard-Hit Small Businesses, Nonprofits and Venues Act", providing additional Paycheck Protection Program (PPP) funding. The deadline to apply for a PPP loan is March 31, 2021 or until funds run out.

There are two loan types under the new program: First Draw Loans (for businesses that are applying for PPP funds for the first time), and Second Draw Loans (for customers who received a PPP loan in 2020).

First Draw PPP Loan Summary

1. This is your first PPP loan.
2. You are a business with 500 or fewer employees.
3. Employee and compensation levels are maintained.
4. The loan proceeds are spent on payroll costs and other eligible expenses.
5. At least 60 percent of the proceeds are spent on payroll costs.
6. The amount of First Draw PPP Loans will be capped at $10,000,000.

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Second Draw PPP Loan Summary

1. Your business previously received a First Draw PPP Loan and will or has used the full amount only for eligible expenses
2. You are a business with 300 or fewer employees.
3. You demonstrate at least a 25% reduction in gross receipts in any quarter of 2020 relative to the same quarter in 2019.
4. Employee and compensation levels are maintained.
5. The loan proceeds are spent on payroll costs and other eligible expenses.
6. At least 60 percent of the proceeds are spent on payroll costs.
7. The amount of second round PPP loans will generally be 2.5x average monthly payroll costs (except for certain industries like restaurants and accommodations) and will be capped at $2,000,000.

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Forgiveness

Borrowers may be eligible for forgiveness. Click here to see the full details