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2nd Draw PPP

2nd Draw PPP Information


We know you have questions regarding PPP. We are here to help. 

Do you qualify for a 2nd draw of 2.5x your monthly payroll through the Paycheck Protection Program?

YES, if you can answer yes to the following:
  • You have 300 or fewer employees.
  • Your business has sustained a 25% drop in revenue for any 2020 quarter versus the same quarter in 2019
  • You have used 100% of your initial PPP loan on eligible expenses
*Businesses in certain hospitality industries, such as restaurants and hotels, are eligible for 3.5x their monthly payroll.

2nd Draw PPP Applications

Download the SBA 2483-SD loan application here.
For Schedule C Filers Using Gross Income, download the SBA 2483-SD-C loan application here.

Is this your 1st time applying for PPP funds?

If yes, you are eligible for PPP, 1st draw. 

Download the 1st Draw SBA 2483 loan application here.
For Schedule C Filers Using Gross Income, download the SBA 2483-C loan application here.

Needed Documentation

1. SBA Application

2. Payroll Documentation
  • We can use the payroll information you submitted with your 1st PPP request. This will help expedite your application.
  • If you choose to submit new payroll information, please provide: 
    • 2019 (preferred) or 2020 data:
      • IRS Form 940 and 941
      • Payroll Summary Report with corresponding bank statement.
        • 12 months payroll, by pay period, with summary totals and headcount
    • If a Payroll Summary Report is not available, Employee Pay Stubs as of February 15, 2020 (or corresponding period) with corresponding bank statement
    • Breakdown of payroll benefits (vacation, allowance for dismissal, group healthcare benefits, retirement benefits, etc.)
    • Verification of number of FTE’s
      • List of All Employees, broken down by Full Time, Part Time, Contract, Salary vs. Hourly, Separate list by those making under 100k and those making over 100k
    • 1099s (for independent contractors)
    • Certification that all employees live within the United States.
3.  Revenue Reduction Requirement for 2nd Draw PPP
  • Revenue (Gross receipts) reduction of 25% in any quarter of 2020 vs the same quarter of 2019
    • Gross receipts exclude any prior PPP disbursements.
    • For example:
      • 2019 Gross Receipts minus 2020 Gross Receipts divided by 2019 Gross Receipts = Must equal 25% or more.
    • If you intend to consider an annual (calendar) reduction, you must provide 2019 and 2020 tax returns
    • If your business wasn't open all of 2019, you can consider 2020 vs. 2019 corresponding quarters:
      • If open only Q3 and Q4 2019: Use corresponding quarters
      • If open only Q4 2019: Use Q4 2019 vs Q4 2020.
      • If open only Q1 2020 (before Feb 15): Use Q1 2020 comparted to either Q2, Q3 or Q4 2020.

Additional questions?

Please reach out to your loan officer for assistance or contact us at 901-382-6600.(Opens in a new Window)

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