Paycheck Protection Program
PPP APPLICATION CENTER
PPP SECOND DRAW LOANS
SBA will accept PPP Second Draw Loan applications starting Wednesday, January 13, 2020.
To qualify for a Second Draw PPP loan, a borrower must:
Have no more than 300 employees,
Have used or will use the full amount of their original PPP loan,
And demonstrate at least a 25 percent reduction in gross revenue for any of the first, second, third or fourth quarters of 2020 as compared to 2019.
ORIGINAL PPP LOANS
If you did not receive an original PPP loan, SBA will accept PPP Loan applications starting Monday, January 11.
To qualify for an original PPP loan:
Your business has less than 500 full-time, part-time, or seasonal employees.
Your business was operational before February 15, 2020 and remains operational.
The SBA released a brand-new Form EZ for certain PPP borrowers to use to apply for forgiveness. The SBA also made borrower-friendly revisions to the initial forgiveness application. These changes are intended to make the application process easier on borrowers and to increase efficiency for lenders and borrowers alike.
The new EZ application, which you will want to use if you are eligible, requires fewer calculations and less documentation than the revised forgiveness application. To see if you qualify, go to page 1 of the instructions to the EZ. If you can check one of the three boxes at the top, you can use form EZ.
You (the Borrower) can apply for forgiveness of your Paycheck Protection Program (PPP) loan using this SBA Form 3508S only if the total PPP loan amount you received from your Lender was $50,000 or less.
SBA shares additional information as it becomes available via their newsletter. Sign up at www.sba.gov/updates.
The SBA Minnesota District Office will also be posting information on Twitter(@SBA_Minnesota) as it becomes available.