On December 27, 2020, the Economic Aid to Hard-Hit Small Businesses, Nonprofits, and Venues Act (Economic Aid Act) became law. The Economic Aid Act extended the authority to make PPP loans through March 31, 2021 and revised certain PPP requirements.
The application forms for First Draw and Second Draw.
PPP loans have been released by the SBA but banks are not yet allowed to take applications. You can review these forms and begin collecting the required supporting documentation so you will be able to submit an application as soon as possible once the window opens.
Once we are able to take applications, we will update this page. We anticipate that application submission will be available on January 15 or January 19 but these dates are fluid.
First Draw Loans are available to organizations with 500 or fewer employees that did not receive a PPP loan previously.
Second Draw Loans are for businesses that:
1) previously received a First Draw PPP loan and will or has used the full amount only for authorized uses,
2) has no more than 300 employees, and
3) can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.
First or 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
- 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.
On January 6, 2021, the Small Business Administration (SBA) issued two Interim Final Rules that offer more detailed guidance to Borrowers and Lenders of PPP loans.
Business Loan Program Temporary Changes; Paycheck Protection Program as Amended by Economic Aid Act
Business Loan Program Temporary Changes; Paycheck Protection Program Second Draw Loans
If you have already received a PPP loan between April 2020 and August 2020 and wish to apply for forgiveness, the applicable forms are located below.
A streamlined forgiveness application for loans under $150,000 is expected on or shortly after January 15, 2021. Once that is released, it will be added below.
PPP Loan Forgiveness Application Form 3508S (Instructions)
PPP Loan Forgiveness Application Form 3508EZ (Instructions)
PPP Loan Forgiveness Calculation Form 3508 (Instructions)
Frequently Asked Questions, application forms, and application form instructions may be updated periodically and can be found at: https://www.sba.gov/funding-programs/loans/coronavirus-relief-options/paycheck-protection-program
The links and information on this page may continue to change as further guidance is released by the SBA, however, all of the eligibility rules may be found at https://www.sba.gov.
Thank you again for entrusting us to be your business partner. We are here to help you; please call us with any questions about the PPP program at 217-747-5500.