Paycheck Protection Program

The updated forms (below) reflect congressionally authorized changes in the program, including for certain 501(c)(6) organizations, housing coops and media organizations and the lender requirement to confirm payroll documentation.

Who is eligible for "First-Draw" loans?

Existing PPP borrowers that did not receive loan forgiveness by December 27, 2020 may:

• (1) Reapply for a First Draw PPP Loan if they previously returned some or all of their First Draw PPP Loan funds, or 
• (2) Under certain circumstances, request to modify their First Draw PPP Loan amount if they previously did not accept the full amount for which they are eligible.

Who is eligible for "Second-Draw" loans?

The Paycheck Protection Program (PPP) now allows certain eligible borrowers that previously received a PPP loan to apply for a Second Draw PPP Loan with the same general terms as their First-Draw PPP Loan. Second-Draw PPP Loans can be used to help fund payroll costs, including benefits. Funds can also be used for:

• Mortgage interest, 
• Rent, 
• Utilities, 
• Worker protection costs related to COVID-19, 
• Uninsured property damage costs caused by looting or vandalism during 2020, 
• And certain supplier costs and expenses for operations.

Targeted eligibility for "Second-Draw" loans:

The 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.