Paycheck Protection Loan
SBA Payroll Protection Program - Second Draw
Protection for Small Businesses
The SBA put out guidelines on Thursday January 7th, 2021 outlining the eligibility and process for the Paycheck Protection Program Second Draw. 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 receipts between comparable quarters in 2019 and 2020
You also need to certify that current economic uncertainty makes this loan request necessary to support the ongoing operation of the applicant.
Schedule C Borrower
On Thursday March 4, 2021, the Small Business Administration (SBA) issued new Paycheck Protection Program (PPP) rules that allow self-employed individuals who file Form 1040, Schedule C, Profit or Loss From Business, to calculate their maximum loan amount using gross income instead of net income.
If you did not previously qualify, you may now under the new rules.
If you meet these criteria, we want to help you receive the loan that you are entitled to.
Call (507) 282-1845 or email us here.
PPP Timeline Estimate
January 11 - 1st time PPP applicants can apply for a PPP loan if they did not receive one in 2020.
January 12-13 - Qualified minority, veteran or women owned women can apply for a PPP second draw.
January 15 (estimated) - All qualified borrowers can apply for a PPP second draw.
March 31, 2021 - Last day to submit application for a PPP loan or second draw.
For more FAQs about the Payroll Protection Program, click here.