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2nd Draw PPP

Updated 1/11/2021

PPP, 2nd Draw 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.

SBA Application

Download the SBA 2483-SD loan application here.
 
Needed Documentation

1. 2483-SD 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
  • 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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