Second Draw PPP Loans

Help to recover is here.

What is a Second Draw PPP Loan?

On December 27, 2020 legislation was signed into law to enhance and expand the CARES Act and change the Paycheck Protection Program (PPP) administered by the Small Business Administration. The law authorizes a new round of PPP loans and expands PPP borrower eligibility in some instances. It also implements changes to PPP loans that will impact both new and existing PPP borrowers.

The Act creates a second loan from the PPP, called a “PPP second draw” loan for smaller and harder-hit businesses, with a maximum amount of $2 million.

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Eligibility requirements:

To qualify for a Second Draw PPP Loan, you have to meet five requirements:


Be a business, independent contractor, eligible self-employed individual, sole proprietor, non-profit organization, eligible for a First Draw PPP Loan, veteran’s organization, Tribal business concern, housing cooperative, small agricultural cooperative, eligible 501(c)(6) organization or eligible non-profit news organization.


Have 300 or fewer employees, unless you’re a business that satisfies the North American Industry Classification System (“NAICS”) code beginning with 72 or an eligible news organization with more than one physical location.


Can demonstrate at least a 25% reduction in gross receipts between comparable quarters in 2019 and 2020.


Received a First Draw PPP Loan. (Contact us if you did not receive a First Draw PPP Loan.)


Have used, or will use, the full amount of the First Draw PPP Loan on or before the expected date on which the Second Draw PPP Loan is disbursed to the borrower.

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How to apply

If you are interested in applying for a second draw SBA PPP Loan, here is the list of items that we need to review and process your application:

  • PPP Borrower Application Form
  • Payroll Reports from either 2019 or 2020, along with quarterly 941 reports
  • 2019 Business Tax Return
  • Quarterly financial statements for at least 1 quarter from 2020 showing Gross Receipts (revenue) loss of 25% or more compared with same quarter in 2019

If you have previously provided any of the requested items to DFCU they do not need to be provided again, however a new application form is required. If you have any questions please call us at 801-456-7060 or email us at

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