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Second Draw PPP Loans

Applications now accepted

The Small Business Administration has reopened the popular Paycheck Protection Program (PPP) loan program allowing more companies to get a forgivable loan for the first time and some hard-hit businesses to apply for a second loan.

After Congress passed a new coronavirus relief bill in December, more funding is now available to offer the original PPP loans and grant second-round loans to businesses with significant revenue declines during the pandemic.

Eligible small businesses that were not able to receive a PPP loan in the first round of funding before the program expired on August 8, 2020 will again have an opportunity to apply for a PPP loan, subject to the same program rules and eligibility criteria that were in place in the two initial rounds of funding.

Similar to first-round loans, the maximum amount a small business may borrow for a first time PPP loan is the lesser of 2.5 multiplied by the borrower’s average monthly payroll costs or $10 million.

In addition, businesses and organizations with fewer than 300 employees and demonstrated revenue declines of at least 25 percent in one quarter of 2020 compared to 2019 can get a second, smaller PPP loan.

First draw loans are capped at $10 Million; second draw loans are capped at $2 Million.

Consecutively, some organizations are now applying for forgiveness of their first-round loans.

First International Bank & Trust is accepting applications for first and second draw PPP loans. Contact your banker at First International Bank & Trust if you have questions about eligibility for PPP funding, application, or forgiveness.

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