The SBA has released new applications for the latest round of SBA Paycheck Protection loans.
Borrowers who have received a SBA PPP loan may apply for a Second Draw PPP Loan on Wednesday, January 13th by downloading an application HERE.
The last day to apply and receive a second-draw PPP loan is Wednesday, March 31st.
SECOND-TIME APPLICANT REQUIREMENTS
- Must have received a first PPP loan in accordance with eligibility criteria
- Must have used, or will use, all funds from first PPP loan on authorized uses on or before the date the second PPP loan is disbursed
- Cannot employ more than 300 employees
- Must have a reduction of 25% or more in gross receipts in any quarter of 2020 when compared with the same quarter of 2019
To find your NAICS code, follow this safe link.
Agents who are preparing PPP loans for clients, please download and complete the Agent Fee Disclosure & Compensation Agreement form HERE and submit it with your client's SBA PPP application(s).
If you have any questions, please contact your First Metro Bank loan officer or a member of the SBA Loan Team at 256-386-0600.