PPP First and Second Draw Loan Options
Updated February 4, 2021
In January the SBA reopened the Paycheck Protection Program (PPP) for both first and second draw applications. These loans are intended for small businesses that are experiencing financial hardships resulting from the continued duration of the pandemic. The program is available for businesses applying for the second time (second draw) as well as companies applying for the first time (first draw).
We are accepting applications and receiving applications through a secure online portal. To get started, contact your Banker.
Second draw loan details and eligibility
- Funds can be used to help fund payroll costs, including benefits, mortgage interest, rent, utilities, worker protection costs related to COVID-19, uninsured property damage costs resulting from looting or vandalism in 2020, and certain supplier costs and expenses for operations
- For most borrowers, the amount of your second draw PPP loan can be up to 2.5x your average monthly 2019 or 2020 payroll costs, up to $2 million
- For borrowers in the Accommodation and Food Services sector (NAICS 72), the maximum loan amount for your second draw PPP loan can be up to 3.5x your average monthly 2019 or 2020 payroll costs, up to $2 million
- You may be eligible for a second draw PPP loan if you previously received a first draw PPP loan and have or will use all of the full amount for authorized uses, have no more than 300 employees, and can demonstrate at least 25% reduction in gross receipts between comparable quarters in 2019 and 2020
First draw loan details and eligibility