Paycheck Protection Program

Additional stimulus is now available for qualified businesses. We can help with PPP 1st and 2nd Draw Loans.

PPP 2nd Draw Application  Email Ron Harlan

PPP 1st Draw Application         PPP FAQ

Paycheck Protection Program 1st & 2nd Draw Loans

The SBA opened a new round of funding for businesses that continue to be financially impacted by the ongoing coronavirus pandemic. These loans are available to new and existing PPP Borrowers. Eligible borrowers that previously received a PPP loan can now apply for a 2nd Draw PPP Loan with the same general loan terms as their 1st Draw PPP Loan. Second Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used to pay for mortgage interest, rent, utilities, worker protection costs related to COVID-19, seasonal employees, uninsured property damage costs caused by looting or vandalism during 2020, and certain supplier costs and operational expenses. Eligible Borrowers that missed the 1st PPP Loan also now have another opportunity! There are a few myths out there, but it's good to know the facts! PPP Myths Versus Facts

PPP Loans are for small businesses and not-for-profit organizations too! If you operate a 1 or 2 person mechanic shop, home daycare, hair salon, or are an independent contractor, your and many other small businesses are most likely eligible for a PPP Loan. We are an Approved SBA Lender and are making a lot of PPP Loans. We will quickly submit your Loan Application and then will submit your Loan Forgiveness Application. Don't miss out!

Full Forgiveness Terms

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 revenue between comparable quarters
in 2019 and 2020. You'll compare your gross revenue for one quarter in 2020 with your gross revenue for the same corresponding quarter in 2019.

2nd Draw Loan Terms

The PPP 2nd Draw Loans will have terms and conditions similar to the PPP 1st Draw Loans. These include, but are not limited to:
•  100% SBA Guarantee (no collateral or personal guarantees are required);
•  1% Interest Rate with a 5 Year Maturity; and
•  Borrower Certifications can be used for eligibility requirements and use of proceeds.

Maximum Loan Amount and
Increased Assistance for Accommodation and Food Services Businesses

Borrowers with a NAICS code beginning with 72 (includes Hotels and Restaurants) can qualify for a larger loan amount, up to 3.5x your average monthly payroll, compared to 2.5x for all other borrowers. Click HERE to confirm for NAICS 72.

How and When to Apply

Borrowers can apply for a Second Draw PPP Loan until May 31, 2021.